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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blackrock Intl | LSE:BLK | London | Ordinary Share | IE00B134XK63 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.25 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMBLK RNS Number : 4378Y Blackrock International Land PLC 03 September 2009 ? Blackrock International Land plc interim results - markets remain difficult Blackrock International Land plc has released its interim results for the six months to 30 June 2009. Key Points: * As a result of the economic downturn, the property markets in which Blackrock International Land plc ("Blackrock") operates remain difficult and have not functioned actively or normally during the first six months of 2009. The few transactions that have taken place have been at prices that do not appear to reflect fair value. In the absence of reliable market evidence, the board has not commissioned independent valuations of the group's portfolio for the interim financial statements. * The company has no plans to realise any assets in the current market conditions. * In such circumstances, the board is unable to arrive at a better estimate of the fair value of the group's property assets at the interim stage than that which was reported at 31 December 2008, adjusted only for known and measurable changes, including movements in exchange rates. * Summary of movements in net assets: +--+-----------------------------------------+-------------+--------------+ | |6 months to | 6 months to | | | 30 June |30 June 2008 | | | 2009 | | +--------------------------------------------+-------------+--------------+ | | EURm | EURm | +--------------------------------------------+-------------+--------------+ | | | | +--------------------------------------------+-------------+--------------+ | Net rental income | 6.9 | 7.0 | +--------------------------------------------+-------------+--------------+ | Finance costs | (4.0) | (5.3) | +--------------------------------------------+-------------+--------------+ | Administration costs | (2.1) | (2.6) | +--------------------------------------------+-------------+--------------+ | Fair value adjustments: | | | +--------------------------------------------+-------------+--------------+ | | Wholly/majority owned property | - | 0.4 | +--+-----------------------------------------+-------------+--------------+ | | Equity accounted investees | (2.6) | (6.3) | +--+-----------------------------------------+-------------+--------------+ | | (1.8) | (3.6) | | Translation effect of foreign exchange | | | | (net) | | | +--------------------------------------------+-------------+--------------+ | Income tax | (0.1) | (1.4) | +--------------------------------------------+-------------+--------------+ | Movement in net assets | (3.7) | (11.8) | +--+-----------------------------------------+-------------+--------------+ * Net assets per share at 30 June 2009 were EUR0.2507 compared to EUR0.2571 at 31 December 2008. * By way of information, based on movements in the Investment Property Data (IPD) indices during the period, net assets per share would be of the order of EUR0.186. However, the directors believe that, in the absence of a market that is functioning actively or normally, these indices are not helpful in determining the fair value of the group's portfolio at 30 June 2009. * The company is continuing to discuss its loan facilities with its lenders with a view to securing satisfactory arrangements for the future. Commenting on the results, Blackrock International Land plc chairman, Carl McCann, said: While international credit markets are showing many signs of improvement, the Irish economy awaits the impact of the significant amount of new capital that will flow from the ECB following the implementation of the proposed Nama structure. This new capital should positively affect the direction of the economy, increase employment and lift demand for property. The economic stimulus measures that have been introduced in Europe and the US should also have a positive impact on the commercial property sector in due course. In the meantime, the group's priorities continue to be to maximise income and reduce costs in anticipation of the opportunities that will arise when conditions improve." Blackrock International Land plc 3 September 2009 For further information, please contact: Debbie O'Brien, WHPR, Tel: +353 1 669 0030 Blackrock International Land plc Interim results to 30 June 2009 Developments during the first six months of 2009 As stated at the Annual General Meeting in June, the general economic downturn, particularly the resultant restriction on the availability of capital for investment in property, is severely impacting on the markets in which Blackrock operates and this has constrained the scope and timing of the group's plans to develop its business over the medium term. Very limited investment activity has been undertaken and management has concentrated on maintaining and increasing rental income, reducing costs and adding value wherever possible: * Overall, the group continues to benefit from a robust rental income stream. 76% of the group's property portfolio is income producing. No defaults have arisen among lessees during the year to date and there are no significant lease expiries until 2011. * The group's joint venture with Lagan Developments Limited has completed the first phase of development of Navan Retail Park. The anchor tenant is currently carrying out its store fit-out and will open for trading in late autumn. A number of other tenants are already trading in the park or will commence before the year end. * Earlier this year, the group's 105 acre land holding at Broxburn, west of Edinburgh, was rezoned as part of the local core development area for mixed use, primarily residential. A planning application for a first phase of development will be submitted before the year-end. * A planning application will also be presented to Bexley Council later this year for a phased residential re-development of the group's 15 acre land holding at Erith in Thames Gateway, London. In the meantime, part of this property continues to be let to a major UK retailer. * In the Netherlands, following successful new lettings at Amersfoort, the Dutch portfolio is performing well, with an 8% increase in income having been achieved on an annualised basis. * In Belgium, there has also been good progress on lettings and our warehouse / office portfolio at Zaventhem, beside Brussels airport, is now more than 90% let, up from 84% at the start of the year. * In relation to the group's 255 acre land holding in north Dublin, owned partly in a joint venture with Total Produce plc, proposals have recently been submitted to Fingal Council seeking its re-designation. The submission is currently being considered by the relevant authorities. * In Dublin, consequent on the present downturn in the commercial property sector, Dublin City Council and the Markets Regeneration Consortium, in which Blackrock has a 50% stake, have ended formal discussions on the proposed redevelopment of the markets area in central Dublin. Regeneration of this strategically important part of the city, in which Blackrock already directly holds other assets key to its successful development, remains an attractive longer-term prospect and the Consortium will continue to maintain dialogue with the Council on the matter. * In Scotland, again as a result of the economic downturn, the demand for residential property has declined significantly. Following the receivership of Applecross Properties Limited, the companies that were planning the development of Queen Margaret Drive in Glasgow and Jewel and Esk College near Edinburgh, projects promoted and managed by Applecross, have been placed in administration. Full provision was made against Blackrock's investments in these ventures at 31 December 2008 and no further financial consequences have arisen as a result. * Group administration costs in the first half of the year have been reduced by EUR0.5m compared to the same period in 2008 and further savings are targeted for the second half of the year. Property valuation In accordance with IAS 40 Investment Property, Blackrock has adopted the fair value basis of accounting for its investment property. IAS 40 encourages, but does not require, that fair value be determined on the basis of a valuation by an independent valuer. However, it is ultimately for the board to determine the fair value of investment property at any reporting date. IAS 40 defines 'fair value' as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, and states that the best evidence of fair value is provided by current prices in an active market for property similar to the property being valued. As a consequence of the current economic downturn and, in particular, the resultant unavailability of credit for property transactions, the markets in the locations and sectors in which the company operates are functioning neither actively nor normally at the present time. No significant volume of property transactions is taking place and those that have occurred recently in the segments of the market that might be considered relevant to the group have reflected values at which Blackrock would not consider selling. The group's properties were acquired and are being held for their medium to long term investment or development returns. The board does not envisage undertaking any significant transactions in the current economic environment and, in particular, has no intention of realising any of its assets in the market conditions that prevail at present. In these circumstances, the board has not commissioned independent valuations of its investment property assets for the purposes of the interim financial statements. In the absence of reliable and relevant market evidence, the board is unable to arrive at a better estimate of the fair value of the group's property assets at the interim stage than that which was reported at last year end and, accordingly, has determined to carry those properties in the interim financial statements at the same values as they were recorded at 31 December 2008, adjusted only for known and measurable changes in circumstances, including movements in exchange rates. Analysis of movement in total property assets Below is a geographical analysis of the movement in total property assets, including equity accounted investees, during the first half of 2009: +----------------------------+------------+------------+-------------+------------+ | | Ireland | UK | Continental | Total | | | | | Europe | | +----------------------------+------------+------------+-------------+------------+ | | EURm | EURm | EURm | EURm | +----------------------------+------------+------------+-------------+------------+ | Value at 1 January 2009 | 177.4 | 75.9 | 87.0 | 340.3 | +----------------------------+------------+------------+-------------+------------+ | Investments | 0.8 | 0.5 | 0.3 | 1.6 | +----------------------------+------------+------------+-------------+------------+ | Fair value adjustments | (0.8) | (0.5) | (1.3) | (2.6) | +----------------------------+------------+------------+-------------+------------+ | Translation of sterling | - | 9.0 | - | 9.0 | | denominated properties | | | | | +----------------------------+------------+------------+-------------+------------+ | | | | | | +----------------------------+------------+------------+-------------+------------+ | Value at June 2009 | 177.4 | 84.9 | 86.0 | 348.3 | +----------------------------+------------+------------+-------------+------------+ Investments during the period relate to capital expenditures undertaken on individual properties and the group's share of interest payments made on behalf of equity accounted investees. Fair value adjustments during the period relate to other known and measurable changes in circumstances other than exchange rate movements. Impact of foreign exchange on movement in net assets The increase in value of the group's UK property assets arising from the translation impact of foreign exchange was EUR9.0m. This was offset by a net EUR10.6m loss on translation of sterling loans, cash and other balances. The net impact of foreign exchange on the group's net assets for the period was a loss of EUR1.8m, analysed as follows: +----------------------------------------------------------------+------------+ | | EUR m | +----------------------------------------------------------------+------------+ | Increase in value of investment properties | 9.0 | +----------------------------------------------------------------+------------+ | | | +----------------------------------------------------------------+------------+ | Net loss on translation of bank loans and finance assets | (10.6) | +----------------------------------------------------------------+------------+ | Movement in other assets/liabilities and trading translation | (0.2) | | (net) | | +----------------------------------------------------------------+------------+ | | | +----------------------------------------------------------------+------------+ | Net impact on net assets | (1. 8) | +----------------------------------------------------------------+------------+ Finance Based on its current cash position and projected cash flows, the group anticipates that it will have sufficient funds to meet its ongoing commitments. At the same time, cognisant of the prevailing economic conditions and uncertainties, the company is continuing its discussions with its lenders with a view to consolidating and strengthening its financial position to meet its future requirements. Financial Performance Net rental income Gross rental income was EUR8.6m (2008: EUR9.2m) and property outgoings were EUR1.7m (2008: EUR2.2m), resulting in a net rental income for the period of EUR6.9m (2008: EUR7.0m). Net property valuation The basis of accounting for the group's net property in the interim financial statements is discussed above. The net property valuation gain of EUR9.0m (2008: loss of (EUR7.9m)) comprised valuation gains of nil (2008: EUR0.4m) plus exchange gain of EUR9.0m (2008: (EUR8.3m)) on sterling assets. Administration expenses Administration expenses for the period were EUR2.1m (2008: EUR2.6m). The group is targeting further savings in the second half of the year. Share of result of equity accounted investees The group's share of losses in its equity accounted investees in the period was EUR2.6m (2008: EUR6.3m). Net finance income/(expense) Net finance income/(expense) for the period was (EUR14.7m) (2008: gain EUR1.8m) comprising a loss on sterling denominated borrowings of EUR(10.6m) (2008: gain EUR7.1m), interest on borrowings in the period of (EUR4.2m) (2008: EUR6.0m) and interest earned on cash balances during the period EUR0.1m (2008: EUR0.6m). Taxation The tax charge for the half year of EUR0.1m (2008: EUR1.4m) comprised deferred tax of nil (2008: EUR1.2m) relating to revaluation uplifts during the period and income tax of EUR0.1m (2008: EUR0.2m). Earnings per share Basic and diluted loss per share for the period was EUR0.64 cent (2008: EUR1.60 cent). Shareholders' funds and net asset value per share Shareholders' funds at 30 June 2009 amounted to EUR146.2m resulting in basic and diluted net asset values per share of EUR25.07 cent (June 2008: EUR37.46 cent). Net bank borrowings Bank borrowings, net of cash and cash equivalents, amounted to EUR185.2m at 30 June 2009, compared to EUR190.5m at 30 June 2008. Conclusion The property sector continues to be constrained by the effects of the general economic conditions. The supply of credit remains tight and market confidence has yet to re-emerge. In these circumstances, management focus remains directed toward maintaining and enhancing rental income and reducing the cost base in anticipation of the opportunities that will arise when market conditions improve. 3 September 2009 For further information, please contact: Debbie O'Brien, Wilson Hartnell PR - Tel: +353 1 669 0030 Consolidated interim income statement for the period ended 30 June 2009 +-------------------------------+-------+-------------+-------------+-------------+ | | | 6 months to | 6 months to | 12 months | | | | 30 June | 30 June | to | | | | 2009 | 2008 | 31 Dec 2008 | +-------------------------------+-------+-------------+-------------+-------------+ | | | (Unaudited) | (Unaudited) | (Audited) | | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | Notes | EUR'000 | EUR'000 | EUR'000 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Gross rental and related | | 8,600 | 9,198 | 17,867 | | income | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Property outgoings | | (1,689) | (2,192) | (4,121) | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Net rental and related income | | 6,911 | 7,006 | 13,746 | +-------------------------------+-------+-------------+-------------+-------------+ | Net property valuation | | 8,950 | (7,932) | (64,665) | | movement | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Net property and related | | 15,861 | (926) | (50,919) | | income/ | | | | | | (expense) | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Administrative expenses | | (2,132) | (2,583) | (5,000) | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Result from operating | | 13,729 | (3,509) | (55,919) | | activities | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Share of result of equity | | (2,628) | (6,264) | (37,724) | | accounted investees | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Net finance income/(expense) | 3 | (14,668) | 1,810 | 14,787 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Result before tax | | (3,567) | (7,963) | (78,856) | +-------------------------------+-------+-------------+-------------+-------------+ | Income tax expense | 4 | (50) | (1,352) | 4,085 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Result for the period | | (3,617) | (9,315) | (74,771) | +-------------------------------+-------+-------------+-------------+-------------+ | Attributable to: | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Shareholders of the company | | (3,734) | (9,355) | (74,856) | +-------------------------------+-------+-------------+-------------+-------------+ | Minority interest | | 117 | 40 | 85 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Result for the period | | (3,617) | (9,315) | (74,771) | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Basic result per share (euro | | (0.64) | (1.60) | (12.83) | | cent) | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Diluted result per share | | (0.64) | (1.60) | (12.83) | | (euro cent) | | | | | +-------------------------------+-------+-------------+-------------+-------------+ Consolidated interim statement of comprehensive income for the period ended 30 June 2009 +-------------------------------+-------+-------------+-------------+-------------+ | | | 6 months to | 6 months to | 12 months | | | | 30 June | 30 June | to | | | | 2009 | 2008 | 31 Dec 2008 | +-------------------------------+-------+-------------+-------------+-------------+ | | | (Unaudited) | (Unaudited) | (Audited) | | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | Notes | EUR'000 | EUR'000 | EUR'000 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Result for the period | | (3,617) | (9,315) | (74,771) | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Other comprehensive income | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Foreign currency translation | | 6 | (2,421) | (5,496) | | on foreign operations | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Total comprehensive income | | (3,611) | (11,736) | (80,267) | | for the period | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Attributable to: | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Shareholders of the company | | (3,728) | (11,776) | (80,352) | +-------------------------------+-------+-------------+-------------+-------------+ | Minority interest | | 117 | 40 | 85 | +-------------------------------+-------+-------------+-------------+-------------+ | | | | | | +-------------------------------+-------+-------------+-------------+-------------+ | Total comprehensive income | | (3,611) | (11,736) | (80,267) | | for the period | | | | | +-------------------------------+-------+-------------+-------------+-------------+ Consolidated interim statement of changes in equity for the period ended 30 June 2009 +----------------------+---------+---------+----------+-------------+---------+----------+---------+ | | 30 June 2009 | +----------------------+---------------------------------------------------------------------------+ | | Attributable to equity holders of the parent | | | | +----------------------+---------------------------------------------------------------------------+ | | Share | Share | Retained | Currency | Total | Minority | Total | | | capital | premium | earnings | translation | | interest | equity | | | | | | reserve | | | | | | | | | | | | | +----------------------+---------+---------+----------+-------------+---------+----------+---------+ | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | +----------------------+---------+---------+----------+-------------+---------+----------+---------+ | Balance as at | 5,833 | 201,085 | (49,590) | (7,386) | 149,942 | 226 | 150,168 | | 1 January 2009 | | | | | | | | +----------------------+---------+---------+----------+-------------+---------+----------+---------+ | Total comprehensive | | | (3,734) | 6 | (3,728) | 117 | (3,611) | | income for the | - | - | | | | | | | period | | | | | | | | +----------------------+---------+---------+----------+-------------+---------+----------+---------+ | Balance at | 5,833 | 201,085 | (53,324) | (7,380) | 146,214 | 343 | 146,557 | | 30 June 2009 | | | | | | | | +----------------------+---------+---------+----------+-------------+---------+----------+---------+ +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | | 30 June 2008 | +----------------------+-----------------------------------------------------------------------------+ | | Attributable to equity holders of the parent | | | | +----------------------+-----------------------------------------------------------------------------+ | | Share | Share | Retained | Currency | Total | Minority | Total | | | capital | premium | earnings | translation | | interest | equity | | | | | | reserve | | | | | | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Balance as at | 5,833 | 201,085 | 25,266 | (1,890) | 230,294 | 141 | 230,435 | | 1 January 2008 | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Total comprehensive | | | (9,355) | (2,421) | (11,776) | 40 | (11,736) | | income for the | - | - | | | | | | | period | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Balance at | 5,833 | 201,085 | 15,911 | (4,311) | 218,518 | 181 | 218,699 | | 30 June 2008 | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | | 31 December 2008 | +----------------------+-----------------------------------------------------------------------------+ | | Attributable to equity holders of the parent | | | | +----------------------+-----------------------------------------------------------------------------+ | | Share | Share | Retained | Currency | Total | Minority | Total | | | capital | premium | earnings | translation | | interest | equity | | | | | | reserve | | | | | | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Balance at 31 | 5,833 | 201,085 | 25,266 | (1,890) | 230,294 | 141 | 230,435 | | December 2007 | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Total comprehensive | | | (74,856) | (5,496) | (80,352) | 85 | (80,267) | | income for the year | - | - | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ | Balance at 31 | 5,833 | 201,085 | (49,590) | (7,386) | 149,942 | 226 | 150,168 | | December 2008 | | | | | | | | +----------------------+---------+---------+----------+-------------+----------+----------+----------+ Consolidated interim balance sheet at 30 June 2009 +--------------------------------+-------+-------------+-------------+-------------+ | | | 30 June | 30 June | 31 Dec 2008 | | | | 2009 | 2008 | (Audited) | | | | (Unaudited) | (Unaudited) | | +--------------------------------+-------+-------------+-------------+-------------+ | | Notes | EUR'000 | EUR'000 | EUR'000 | +--------------------------------+-------+-------------+-------------+-------------+ | Assets | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Non-current assets | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Property, plant and equipment | | 86 | 124 | 103 | +--------------------------------+-------+-------------+-------------+-------------+ | Investment property | 5 | 324,578 | 372,406 | 315,336 | +--------------------------------+-------+-------------+-------------+-------------+ | Investments in equity | 6 | 23,675 | 57,833 | 24,939 | | accounted investees | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Deferred tax assets | | 3,856 | 3,468 | 3,856 | +--------------------------------+-------+-------------+-------------+-------------+ | Total non-current assets | | 352,195 | 433,831 | 344,234 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Current assets | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Trade and other receivables | | 4,328 | 7,582 | 5,030 | +--------------------------------+-------+-------------+-------------+-------------+ | Cash and cash equivalents | | 5,450 | 8,350 | 6,986 | +--------------------------------+-------+-------------+-------------+-------------+ | Total current assets | | 9,778 | 15,932 | 12,016 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Total assets | | 361,973 | 449,763 | 356,250 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Equity | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Issued share capital | | 5,833 | 5,833 | 5,833 | +--------------------------------+-------+-------------+-------------+-------------+ | Share premium | | 201,085 | 201,085 | 201,085 | +--------------------------------+-------+-------------+-------------+-------------+ | Other reserves | | (60,704) | 11,600 | (56,976) | +--------------------------------+-------+-------------+-------------+-------------+ | Total equity attributable to: | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Shareholders of the company | | 146,214 | 218,518 | 149,942 | +--------------------------------+-------+-------------+-------------+-------------+ | Minority interest | | 343 | 181 | 226 | +--------------------------------+-------+-------------+-------------+-------------+ | Total equity | | 146,557 | 218,699 | 150,168 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Liabilities | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Non-current liabilities | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Deferred tax liabilities | | 17,379 | 22,369 | 17,379 | +--------------------------------+-------+-------------+-------------+-------------+ | Loans and borrowings | 7 | 188,955 | 197,318 | 179,354 | +--------------------------------+-------+-------------+-------------+-------------+ | Total non-current liabilities | | 206,334 | 219,687 | 196,733 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Current liabilities | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Trade and other payables | | 7,354 | 9,756 | 7,763 | +--------------------------------+-------+-------------+-------------+-------------+ | Employee benefits | | 38 | 126 | 91 | +--------------------------------+-------+-------------+-------------+-------------+ | Loans and borrowings | 7 | 1,690 | 1,495 | 1,495 | +--------------------------------+-------+-------------+-------------+-------------+ | Total current liabilities | | 9,082 | 11,377 | 9,349 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Total liabilities | | 215,416 | 231,064 | 206,082 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Total liabilities and equity | | 361,973 | 449,763 | 356,250 | +--------------------------------+-------+-------------+-------------+-------------+ | | | | | | +--------------------------------+-------+-------------+-------------+-------------+ | Net asset value per share | | 25.07 | 37.46 | 25.71 | | (euro cent): | | | | | +--------------------------------+-------+-------------+-------------+-------------+ Consolidated interim statement of cash flows for the period ended 30 June 2009 +----------------------------------+-----+-------------+-------------+-------------+ | | | 6 months to | 6 months to | 12 months | | | | 30 June | 30 June | to | | | | 2009 | 2008 | 31 Dec 2008 | +----------------------------------+-----+-------------+-------------+-------------+ | | | (Unaudited) | (Unaudited) | (Audited) | +----------------------------------+-----+-------------+-------------+-------------+ | | | EUR'000 | EUR'000 | EUR'000 | | | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Result before tax | | (3,567) | (7,963) | (78,856) | +----------------------------------+-----+-------------+-------------+-------------+ | Adjustments for: | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Net property valuation movement | | (8,950) | 7,932 | 64,665 | +----------------------------------+-----+-------------+-------------+-------------+ | Depreciation | | 18 | 18 | 36 | +----------------------------------+-----+-------------+-------------+-------------+ | Finance income | | (155) | (633) | (1,341) | +----------------------------------+-----+-------------+-------------+-------------+ | Finance expense | | 4,195 | 5,956 | 11,763 | +----------------------------------+-----+-------------+-------------+-------------+ | Share of result of equity | | 2,628 | 6,264 | 37,724 | | accounted investees | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Exchange difference on | | 10,629 | (7,133) | (25,209) | | non-property assets | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Operating result before changes | | 4,798 | 4,441 | 8,782 | | in working capital | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | (Increase)/decrease in trade and | | 702 | (2,403) | (2,595) | | other receivables | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Decrease in trade and other | | (631) | (966) | (50) | | payables | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Cash generated from operations | | 4,869 | 1,072 | 6,137 | +----------------------------------+-----+-------------+-------------+-------------+ | | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Interest paid | | (4,195) | (5,991) | (12,145) | +----------------------------------+-----+-------------+-------------+-------------+ | Income tax paid | | (53) | (863) | (831) | +----------------------------------+-----+-------------+-------------+-------------+ | Net cash inflow/(outflow) from | | 621 | (5,782) | (6,839) | | operating activities | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Cash flows from investing | | | | | | activities | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Loan to equity accounted | | - | - | (877) | | investees | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Proceeds from disposal of | | - | 5,992 | 6,359 | | investment property | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Improvements to investment | | (293) | - | - | | property | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Interest received | | 155 | 633 | 1,341 | +----------------------------------+-----+-------------+-------------+-------------+ | Net cash outflow on acquisition | | - | (7,681) | (3,678) | | of equity accounted investees | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Net cash outflow from additional | | (1,358) | - | (4,769) | | investment in equity accounted | | | | | | investees | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Net cash outflow from investing | | (1,496) | (1,056) | (1,624) | | activities | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Cash flows from financing | | | | | | activities | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Repayment of borrowings | | (763) | (590) | (1,615) | +----------------------------------+-----+-------------+-------------+-------------+ | Proceeds from the drawdown of | | 15 | 6,313 | 7,124 | | borrowings | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Net cash (outflow) / inflow from | | (748) | 5,723 | 5,509 | | financing activities | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Net (decrease) in cash and cash | | (1,623) | (1,115) | (2,954) | | equivalents | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Cash and cash equivalents at | | 6,986 | 9,714 | 9,714 | | beginning of period | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Foreign exchange loss on cash | | 87 | (249) | 226 | | and cash equivalents | | | | | +----------------------------------+-----+-------------+-------------+-------------+ | Cash and cash equivalents at 30 | | 5,450 | 8,350 | 6,986 | | June 2009 | | | | | +----------------------------------+-----+-------------+-------------+-------------+ Notes to the condensed consolidated interim financial statements 1.General information and basis of preparation General Information The condensed consolidated interim financial statements of the company for the six month period ended 30 June 2009 are unaudited. The financial statements presented herein do not amount to statutory financial statements that are required by Section 7 of the Companies (Amendment) Act, 1986 to be annexed to the annual return of the company. The statutory financial statements for the financial year ended 31 December 2008 were annexed to the annual return and filed with the Registrar of Companies. The audit report on those statutory financial statements was unqualified. It did, however, contain an emphasis of matter made in relation to the basis of preparation of the financial statements. Basis of preparation The condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards, as adopted by the EU (EU IFRSs). The financial information contained in the condensed consolidated interim financial statements has been prepared in accordance with the accounting policies set out in the last annual report with the exception of the policies pertaining to IAS 1 (Presentation of Financial Statements) and IFRS 8 (Operating Segments). Presentation of financial statements The group has applied revised IAS 1 Presentation of Financial Statements (2007), which became effective as of 1 January 2009. As a result, the group has presented a consolidated income statement and a statement of comprehensive income as two separate statements and has also presented a statement of changes in equity. This presentation has been applied in these condensed interim financial statements as of and for the six months period ended on 30 June 2009. Comparative information has been re-presented so that it also is in conformity with the revised standard. The adoption of this revised standard impacts presentation aspects but there is no impact on earnings per share. IFRS8 Operating Segments This new standard was applicable to the group from 1 January 2009. It requires segmented information to be presented based on the data that the chief operating decision maker receives and uses to make key decisions. As the group monitors its financial information based principally on geographic metrics, which meets the definition of segments within IFRS 8, no significant adjustment to the group's segmental reporting has been required. The group has also chosen to present certain operating segment results as supplementary information as these are also reviewed by the chief operating decision maker. Comparative information has accordingly not been re-presented as there was no impact on reported results or earnings per share. New Accounting Standards The following are new accounting standards that will be effective for the financial year ending 31 December 2009 - these have had no impact on the financial position of the group or earnings per share. -Revised IAS 23Borrowing Costs - The group is already applying the provisions of IAS23(e). -IFRS 3 (Revised)Business Combinations - None in the period. There were a number of other standards and interpretations issued in the period. However, none are expected to have an impact on the group in the near term. The financial information is presented in euro, rounded to the nearest thousand. The condensed consolidated interim financial statements were authorised for issue on 2 September 2009. 2. Segment reporting +--------------------------------+----------+----------+-------------+-------------+--------------+ | | Ireland | UK | Continental | Unallocated | Consolidated | | | | | | | | | | | | Europe | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | | EUR'000 | EUR'000 | EUR'000 | EUR'000 | EUR'000 | +--------------------------------+----------+----------+-------------+-------------+--------------+ | | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | For the period ended 30 June | | | | | | | 2009 | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Gross rental and related | 2,764 | 2,293 | 3,543 | - | 8,600 | | income | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Results from operating | 2,807 | 10,615 | 2,439 | (2,132) | 13,729 | | activities | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Share of result of equity | (795) | (532) | (1,301) | - | (2,628) | | accounted investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment property | 156,648 | 84,908 | 83,022 | - | 324,578 | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment in equity accounted | 20,767 | (129) | 3,037 | | 23,675 | | investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | For the period ended 30 June | | | | | | | 2008 | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Gross rental and related | 3,013 | 2,814 | 3,371 | - | 9,198 | | income | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Results from operating | 5,269 | (8,192) | 1,997 | (2,583) | (3,509) | | activities | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Share of result on equity | 3,193 | (9,183) | (274) | - | (6,264) | | accounted investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment property | 185,250 | 101,471 | 85,685 | - | 372,406 | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment in equity accounted | 31,936 | 20,486 | 5,411 | - | 57,833 | | investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | For the year ended 31 December | | | | | | | 2008 | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Gross rental and related | 5,953 | 5,281 | 6,633 | - | 17,867 | | income | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Results from operating | (21,092) | (31,300) | 1,473 | (5,000) | (55,919) | | activities | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Share of result of equity | (10,030) | (26,357) | (1,337) | - | (37,724) | | accounted investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment property | 156,630 | 75,958 | 82,748 | - | 315,336 | +--------------------------------+----------+----------+-------------+-------------+--------------+ | Investment in equity accounted | 20,718 | (117) | 4,338 | | 24,939 | | investees | | | | | | +--------------------------------+----------+----------+-------------+-------------+--------------+ Analysis of property assets The group manages its business principally on the basis of geographical segments. Supplementary information based on the following categorisations has also been provided as this is also used by the chief operating decision maker: -Investment properties are properties which are held either to earn rental income or for capital appreciation orfor both.
-Development properties are properties which do not generate a current investment return but are held with aview to re-designation and/or
development for an alternative use. +----------------------------------------+-------------+-------------+--------------+ | | Investment | Development | Consolidated | | | properties | properties | | +----------------------------------------+-------------+-------------+--------------+ | | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+-------------+-------------+--------------+ | At 30 June 2009 | | | | +----------------------------------------+-------------+-------------+--------------+ | Investment property | 262,618 | 61,960 | 324,578 | +----------------------------------------+-------------+-------------+--------------+ | Investment in equity accounted | 3,037 | 20,638 | 23,675 | | investees | | | | +----------------------------------------+-------------+-------------+--------------+ | | | | | +----------------------------------------+-------------+-------------+--------------+ | At 30 June 2008 | | | | +----------------------------------------+-------------+-------------+--------------+ | Investment property | 302,172 | 70,234 | 372,406 | +----------------------------------------+-------------+-------------+--------------+ | Investment in equity accounted | 5,411 | 52,422 | 57,883 | | investees | | | | +----------------------------------------+-------------+-------------+--------------+ | | | | | +----------------------------------------+-------------+-------------+--------------+ | At 31 December 2008 | | | | +----------------------------------------+-------------+-------------+--------------+ | Investment property | 257,253 | 58,083 | 315,336 | +----------------------------------------+-------------+-------------+--------------+ | Investment in equity accounted | 4,338 | 20,601 | 24,939 | | investees | | | | +----------------------------------------+-------------+-------------+--------------+ 3. Net finance income/(expense) +-----------------------------------------+-------------+------------+------------+ | | Period to | Period to | Year ended | | | 30 June | 30 June | 31 Dec | | | 2009 | 2008 | 2008 | | | | | | +-----------------------------------------+-------------+------------+------------+ | | EUR'000 | EUR'000 | EUR'000 | +-----------------------------------------+-------------+------------+------------+ | Interest payable on borrowings | (4,195) | (5,956) | (11,763) | +-----------------------------------------+-------------+------------+------------+ | Interest receivable on bank deposits | 35 | 243 | 443 | +-----------------------------------------+-------------+------------+------------+ | Interest receivable on loans to equity | 120 | 390 | 898 | | accounted investees | | | | +-----------------------------------------+-------------+------------+------------+ | Foreign currency translation movement | (10,715) | 7,382 | 24,983 | | on borrowings | | | | +-----------------------------------------+-------------+------------+------------+ | Foreign currency translation movement | 87 | (249) | 226 | | on cash and cash equivalents | | | | +-----------------------------------------+-------------+------------+------------+ | | | | | +-----------------------------------------+-------------+------------+------------+ | Net finance income / (expense) | (14,668) | 1,810 | 14,787 | +-----------------------------------------+-------------+------------+------------+ 4.Tax Current tax Current tax expense for the interim period is the expected tax payable on the taxable income for the period, calculated at the estimated average annual effective income tax rate applied to the pre-tax income of the interim period. +----------------------------------------+------------+------------+------------+ | | Period to | Period to | Year to 31 | | | 30 June | 30 June | December | | | 2009 | 2008 | 2008 | +----------------------------------------+------------+------------+------------+ | | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Current tax | 50 | 160 | 100 | +----------------------------------------+------------+------------+------------+ | Deferred tax | - | 1,192 | (4,185) | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Total tax | 50 | 1,352 | (4,085) | +----------------------------------------+------------+------------+------------+ 5. Investment property +----------------------------------------+------------+------------+------------+ | | Period to | Period to | Year to 31 | | | 30 June | 30 June | December | | | 2009 | 2008 | 2008 | +----------------------------------------+------------+------------+------------+ | | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Balance at the beginning of the period | 315,336 | 380,740 | 380,740 | +----------------------------------------+------------+------------+------------+ | Additions in the period | 292 | - | - | +----------------------------------------+------------+------------+------------+ | Disposal of property in the period | - | (402) | (739) | +----------------------------------------+------------+------------+------------+ | Fair value movement | - | 407 | (39,316) | +----------------------------------------+------------+------------+------------+ | Foreign currency movement | 8,950 | (8,339) | (25,349) | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Balance at end of period | 324,578 | 372,406 | 315,336 | +----------------------------------------+------------+------------+------------+ 6.Investment in equity accounted investees The following is a summary of the group's share of the assets and liabilities of its equity accounted investees: +----------------------------------------+------------+------------+------------+ | | Period to | Period to | Year to 31 | | | 30 June | 30 June | December | | | 2009 | 2008 | 2008 | +----------------------------------------+------------+------------+------------+ | Share of equity accounted investees | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Share of gross assets | 111,355 | 154,569 | 108,199 | +----------------------------------------+------------+------------+------------+ | Share of gross liabilities | (87,680) | (96,736) | (83,260) | +----------------------------------------+------------+------------+------------+ | | | | | +----------------------------------------+------------+------------+------------+ | Net investment | 23,675 | 57,833 | 24,939 | +----------------------------------------+------------+------------+------------+ 7.Loans and borrowings +---------------------------------------+------------+------------+------------+ | | Period to | Period to | Year to 31 | | | 30 June | 30 June | December | | | 2009 | 2008 | 2008 | +---------------------------------------+------------+------------+------------+ | | EUR'000 | EUR'000 | EUR'000 | +---------------------------------------+------------+------------+------------+ | Non-current liabilities | | | | +---------------------------------------+------------+------------+------------+ | Bank loans - euro | 88,532 | 99,101 | 89,474 | +---------------------------------------+------------+------------+------------+ | Bank loans - GBP | 100,028 | 97,822 | 89,485 | +---------------------------------------+------------+------------+------------+ | Other payables | 395 | 395 | 395 | +---------------------------------------+------------+------------+------------+ | | 188,955 | 197,318 | 179,354 | +---------------------------------------+------------+------------+------------+ | Current liabilities | | | | +---------------------------------------+------------+------------+------------+ | Bank overdraft | 165 | - | 150 | +---------------------------------------+------------+------------+------------+ | Bank loans | 1,525 | 1,495 | 1,345 | +---------------------------------------+------------+------------+------------+ | | 1,690 | 1,495 | 1,495 | +---------------------------------------+------------+------------+------------+ Principal movements in loans and borrowings are dealt with in the cash flow statement. Terms and debt repayment schedule (a) Bank loans of EUR130,763,000 are guaranteed by certain nominated subsidiaries and subject to covenantsrelating to asset cover.
These loans, denominated in both pounds sterling and euro, are repayable in full five years from the date of drawdown. The loans outstanding at 30 June 2009 are due to mature at various dates from 5 June 2011 to 12 June 2013. Interest is payable at the relevant interbank market rate plus a margin. (b) A secured bank loan drawn down by a subsidiary of EUR11,340,000 is secured by certain investment propertiesin Belgium. The loan is
denominated in euro, and is repayable in quarterly capital repayments over the nextthree years. Interest is payable at a 3 months Euribor rate
plus margin. (c) Secured bank loans drawn down by a subsidiary of EUR47,983,000 are secured by certain investment propertiesin the Netherlands and by a
guarantee from the company. The loans are denominated in euro and repayable in quarterly capital repayments over the next three years. The remaining capital is due in January 2011. Interest is payable at fixed interest rates between 5.4% and 5.5%. 8.Earnings per share Basic result per share The calculation of basic result per share for the period ended 30 June 2009 was based on the result attributable to ordinary shareholders in the period and the weighted average number of equity shares outstanding during the period. +----------------------------------------+------------+------------+-------------+ | | Period to | Period to | Year to 31 | | | 30 June | 30 June | December | | | 2009 | 2008 | 2008 | +----------------------------------------+------------+------------+-------------+ | | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+------------+------------+-------------+ | | | | | +----------------------------------------+------------+------------+-------------+ | Result attributable to equity | (3,734) | (9,355) | (74,856) | | shareholders | | | | +----------------------------------------+------------+------------+-------------+ | | | | | +----------------------------------------+------------+------------+-------------+ | | 2009 | 2008 | 2008 | +----------------------------------------+------------+------------+-------------+ | | In | In | In | | | thousands | thousands | thousands | | | of shares | of shares | of shares | +----------------------------------------+------------+------------+-------------+ | | | | | +----------------------------------------+------------+------------+-------------+ | Weighted average number of ordinary | 583,265 | 583,265 | 583,265 | | shares outstanding during the period | | | | +----------------------------------------+------------+------------+-------------+ | | | | | +----------------------------------------+------------+------------+-------------+ | Basic result earnings per share (euro | (0.64) | (1.60) | (12.83) | | cent) | | | | +----------------------------------------+------------+------------+-------------+ Diluted earnings per share The calculation of diluted earnings per share for the period ended 30 June 2009 was based on the result attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding during the period ended 30 June 2009 as calculated for basic earnings per share above as there were no potentially dilutive instruments in issue. 9. Net asset value per share The calculation of net asset value per share for the period ended 30 June 2009 was based upon the total equity attributable to the shareholders of the company at 30 June 2009 and the number of ordinary shares outstanding at 30 June 2009 as follows: +----------------------------------------+------------+-----------+-------------+ | | Period to | Period to | Year to 31 | | | 30 June | | December | | | 2009 | 30 June | 2008 | | | | 2008 | | +----------------------------------------+------------+-----------+-------------+ | | EUR'000 | EUR'000 | EUR'000 | +----------------------------------------+------------+-----------+-------------+ | Total equity attributable to | 146,214 | 218,518 | 149,942 | | shareholders of the company | | | | +----------------------------------------+------------+-----------+-------------+ | | 2009 | 2008 | 2008 | +----------------------------------------+------------+-----------+-------------+ | | In | In | In | | | thousands | thousands | thousands | | | of shares | of shares | of shares | +----------------------------------------+------------+-----------+-------------+ | Total number of ordinary shares | 583,265 | 583,265 | 583,265 | | outstanding at period end | | | | +----------------------------------------+------------+-----------+-------------+ | Net asset value per share (euro cent) | 25.07 | 37.46 | 25.71 | +----------------------------------------+------------+-----------+-------------+ 10. Related Party transactions There have been no new material related party transactions during the period. 11.Contingencies and guarantees (a) The company has provided a guarantee of EUR4.4m in respect of the bank borrowings of the joint venturecompanies involved in developing
property in Navan, Ireland. In the context of securing additional facilitiesto complete this project, the company has provided an additional
EUR1m guarantee since the period end. (b) The company has provided a guarantee of EUR0.9m in respect of interest arising on the EUR13.5m bankborrowings of Tilder Holdings Limited,
the joint venture company which owns lands in north county Dublin. (c) The company has provided a guarantee of EUR1.5 million in respect of the bank borrowings of BlackrockInternational Land Vida BV in relation
to the financing of a building in Amsterdam. (d)South East Edinburgh Development Company, a 50:50 joint venture, acquired approximately 300 acresof agricultural land south of Edinburgh
during 2007. The company has guaranteed its 50% share of any additional consideration payable to the vendor, calculated as 50% of the open market value net of all costsof the land, when planning consents
have been received. The company has provided a joint and several guarantee for bank borrowings of SEEDCo. (e) The company has provided a guarantee of EUR0.1m in respect of interest arising on the borrowings ofSilverfields LLP.
This information is provided by RNS The company news service from the London Stock Exchange END IR ILFERAVIFIIA
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