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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eurocastle Investment Ltd | LSE:0QE2 | London | Ordinary Share | GB00B94QM994 | EUROCASTLE INVESTMENT ORD SHS |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.96 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 475k | -883k | - | N/A | 0 |
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Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Mark Woodall
Tel: +44 1481 723450
Eurocastle Releases First Half 2020 Financial Results
SHY
Guernsey, 7 August 2020 -- Eurocastle Investment Limited (Euronext
Amsterdam: ECT) today
https://www.globenewswire.com/Tracker?data=P5ZKlyIqdgElOtcdIiKIZDMth3yx4WPc_ZnzqH1bej9UF_vjog50SAQzd3QOn2g-
has released its financial report for the six months ended 30 June 2020.
-- Adjusted Net Asset Value ("NAV") of EUR13.4 million1, or EUR7.26 per
share2 up EUR0.48 per share vs. EUR6.78 per share at Q1 2020 (down
EUR1.06 per share vs. EUR8.32 per share at Q4 2019) due to:
1. Valuation movements:
-- EUR0.19 per share increase (4%) in Q2 2020 (EUR1.43 per
share decrease in H1 2020) on the remaining three real
estate fund investments
-- EUR0.05 per share increase (9%) in Q2 2020 (EUR0.03 per
share decrease in H1 2020) on the remaining three NPL and
other loan interests
2. Positive reserve and legacy movements of EUR0.24 per share in Q2
2020 (EUR0.40 per share increase in H1 2020)
The table below summarises the movements in the Adjusted NAV for the
quarter:
Q2 Cash Q2 FV
Q1 2020 Movement Movement Q2 2020
-------------- --------------- -------------- --------------
EUR EUR EUR EUR
EUR per EUR per EUR per EUR per
million share million share million share million share
Real Estate
Funds 9.9 5.32 0.1 0.06 0.4 0.19 10.3 5.57
Italian
NPLs &
Other
Loans 1.0 0.56 (0.0) (0.01) 0.1 0.05 1.1 0.60
Net
Corporate
Cash(3) 1.6 0.90 0.1 0.05 0.5 0.24 2.0 1.09
Adjusted
NAV 12.5 6.78 - - 1.00 0.48 13.4 7.26
=========== ======= ===== ======= ====== ======= ===== ======= =====
The Company's current assets comprise:
-- Interests in two real estate redevelopment funds where construction is
fully completed. The units are in the process of being sold but
encountering delays due to the coronavirus outbreak. Both developments
offer luxury residential apartments with high specification furnishings
in Rome.
-- Interest in a public fund which is in the process of being liquidated and
the assets of which predominantly comprise cash.
-- Residual minority interests in three predominantly secured NPL & Other
Loan pools.
H1 2020 INVESTMENT REALISATIONS AND MARKET OUTLOOK
COVID-19 has had an extraordinary impact across all sectors of the
economy. The Company's move to realise the majority of its assets in Q4
2019 and its prudent management of cash reserves have left the Company
well placed to maximize the value of its remaining assets from a
position of strength. This has been evidenced in the performance of its
remaining assets where in the first half of 2020 the Company achieved
the following milestones:
-- Closed or collected offers under contract on 25% of remaining real estate
units available for sale as at 1 January 2020 in Real Estate Fund
Investment II and 23% in Real Estate Fund Investment V. Assuming that
all these offers close, only 19% of units in one building in Real Estate
Fund Investment II (with the second building already fully sold) and 48%
of the units in Real Estate Fund Investment V will remain to be disposed
of. Since the end of the lockdown phase in Italy in May 2020 there has
been renewed interest in the apartments due to pent-up demand in the
market for quality, semi-central residential real estate in Rome.
-- Following the disposal of all of the assets in Real Estate Fund
Investment I in 2019, the Company received EUR1.0 million, or 41% of its
Q4 2019 NAV, in the first half of 2020. The fund is in the process of
being liquidated and its assets predominantly comprise of cash. The fund
is currently trading at a c.10% discount to its last published NAV.
-- The residual NPL & Other Loan interests, which are predominantly secured,
have continued to generate cash proceeds, in spite of the turmoil created
by COVID-19. In the first 6 months of the year the pools generated and
distributed EUR0.1 million, or 6% of the Q4 2019 NAV.
-- Following favourable outcomes on certain potential liabilities along with
various cost savings, the Company was able to generate a total net
reduction on reserves of EUR0.6 million in the first half of the year.
Since implementation of the Realisation Plan in 2019, the Company has
generated total savings of EUR0.8 million against these reserves. Part of
these savings are as a result of the Board of Directors agreeing to
reduce their annual remuneration from EUR0.2 million to EUR0.1 million.
-- The cash received in the first half of the year across the Company's
investments, along with the current cash set aside for reserves as part
of the Realisation Plan, leave the Company well capitalised and in a
strong position to weather the uncertainty that COVID-19 has created.
--
Income Statement for the Six and Three Months ended
30 June 2020 (Unaudited) H1 2020 Q2 2020
EUR EUR
Thousands Thousands
---------------------------------------------------- ----------- -----------
Portfolio Returns
----------------------------------------------------
Italian NPLs & Other Loans (66) 91
Real Estate Funds (2,975) 351
---------------------------------------------------- ----------- -----------
Fair value movement on Italian investments (3,041) 442
Fair value movements on residual Legacy entities 207 216
Other income 16 16
Loss on foreign currency translation - (3)
-----------
Total (loss) / income (2,818) 671
---------------------------------------------------- ----------- -----------
Operating Expenses
----------------------------------------------------
Interest expense 42 17
Manager base and incentive fees 21 126
Remaining operating expenses 1,047 586
---------------------------------------------------- ----------- -----------
Other Operating expenses 1,068 712
---------------------------------------------------- ----------- -----------
Total expenses 1,110 729
---------------------------------------------------- ----------- -----------
Loss for the period (3,928) (58)
EUR per share (2.12) (0.03)
---------------------------------------------------- ----------- -----------
Balance Sheet and Adjusted NAV Reconciliation as at Italian Investments Corporate Total
30 June 2020 (Unaudited) EUR Thousands EUR Thousands EUR Thousands
----------------------------------------------------- ------------------- --------------- --------------
Assets
Cash and cash equivalents - 20,663 20,663
Other assets - 47 47
Investments:
Italian NPLs & Other Loans 1,120 - 1,120
Real Estate Funds 10,315 - 10,315
Total assets 11,345 20,710 32,145
Liabilities
Trade and other payables - 1,547 1,547
Manager base and incentive fees - 138 138
Total liabilities - 1,685 1,685
IFRS NAV 11,435 19,025 30,460
------------------------------------------------------ ------------------- --------------- --------------
Additional Reserves(3) - (17,016) (17,016)
------------------------------------------------------ ------------------- --------------- --------------
Adjusted NAV 11,435 2,009 13,444
Adjusted NAV (EUR per share)(4) 6.18 1.08 7.26
------------------------------------------------------ ------------------- --------------- --------------
PDMR UPDATE
The Company issued 1,000 ordinary shares to each of its three
independent directors as part of their in-place compensation
arrangements. By reference to its obligations under Article 19 of EU
Regulation 596/2014, the Company is making public the following details
of those dealings in its shares by persons discharging managerial
responsibilities:
Name of the PDMR Financial Nature of Transaction Date and Volume and price
Instrument place of of transaction
transaction
--------------------------------------------------- ---------- --------------------------------------------------------- ----------- ------------------
Dr. Simon John Thornton Ordinary Acquisition for nil consideration as part of compensation 6 August 1,000 shares
Shares arrangements 2020, Nil consideration
Guernsey
--------------------------------------------------- ---------- --------------------------------------------------------- ----------- ------------------
Mrs. Claire Elizabeth Ann Whittet Ordinary Acquisition for nil consideration as part of compensation 6 August 1,000 shares
Shares arrangements 2020, Nil consideration
Guernsey
--------------------------------------------------- ---------- --------------------------------------------------------- ----------- ------------------
Mr. Jason de Beauvoir Sherwill (via Forein Limited, Ordinary Acquisition for nil consideration as part of compensation 6 August 1,000 shares
Closely Associated Person) Shares arrangements 2020, Nil consideration
Guernsey
--------------------------------------------------- ---------- --------------------------------------------------------- ----------- ------------------
As a consequence of the above:
-- The total number of Ordinary Shares of the Company in issue is 1,854,535;
and
-- The total number of voting rights exercisable by holders of Ordinary
Shares of the Company is 1,854,535.
NOTICE:
This announcement contains inside information for the purposes of the
Market Abuse Regulation 596/2014.
ADDITIONAL INFORMATION
For investment portfolio information, please refer to the Company's most
recent Financial Report, which is available on the Company's website (
https://www.globenewswire.com/Tracker?data=6TMsww3eICsNgdwBa71fQ4D3cFfDvCYLGPCaJKCraA5aZ7Yu4Hkee2ODHYhGDQXngp3z-FcsPGZodiQI5S9239s63Y4wj1u779_mSBJhNrE=
www.eurocastleinv.com).
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is a
publicly traded closed-ended investment company, focused on Italian
performing and non-performing loans, Italian loan servicing platforms
and other real estate related assets in Italy. On 18 November 2019, the
Company announced a plan to realise the majority of its assets with the
aim of accelerating the return of value to shareholders. The Company
will not currently seek material new investments from the proceeds of
the realisation but, will continue to support its existing investments
to the extent required in order to optimise returns and distribute cash
to shareholders when available (the "Realisation Plan"). For more
information regarding Eurocastle Investment Limited and to be added to
our email distribution list, please visit
https://www.globenewswire.com/Tracker?data=6TMsww3eICsNgdwBa71fQ4D3cFfDvCYLGPCaJKCraA50teO5Ny5qcGWTsQPH6Bw26oUPczw-d-_ow1aJpjFb4S8OmL76oU05OXHv6FeE3zI=
www.eurocastleinv.com.
FORWARD LOOKING STATEMENTS
This release contains statements that constitute forward-looking
statements. Such forward-looking statements may relate to, among other
things, future commitments to sell real estate and achievement of
disposal targets, availability of investment and divestment
opportunities, timing or certainty of completion of acquisitions and
disposals, the operating performance of our investments and financing
needs. Forward-looking statements are generally identifiable by use of
forward-looking terminology such as "may", "will", "should", "potential",
"intend", "expect", "endeavor", "seek", "anticipate", "estimate",
"overestimate", "underestimate", "believe", "could", "project",
"predict", "project", "continue", "plan", "forecast" or other similar
words or expressions. Forward-looking statements are based on certain
assumptions, discuss future expectations, describe future plans and
strategies, contain projections of results of operations or of financial
condition or state other forward-looking information. The Company's
ability to predict results or the actual effect of future plans or
strategies is limited. Although the Company believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, its actual results and performance may differ
materially from those set forth in the forward-looking statements. These
forward-looking statements are subject to risks, uncertainties and other
factors that may cause the Company's actual results in future periods to
differ materially from forecasted results or stated expectations
including the risks regarding Eurocastle's ability to declare dividends
or achieve its targets regarding asset disposals or asset performance.
(1) In light of the Realisation Plan, the Adjusted NAV as at 30 June
2020 reflects additional reserves for future costs and potential
liabilities, which have not been accounted for under the IFRS NAV. The
IFRS NAV, as at 30 June 2020, is EUR30.5 million, or EUR16.45 per share.
(2) Per share calculations for Eurocastle throughout this document are
based on 1.9 million ordinary shares that were in issue throughout H1
2020.
(3) Reflects corporate cash net of liabilities and additional reserves.
(3) In light of the Realisation Plan, the Adjusted NAV as at 30 June
2020 reflects the additional reserves for future costs and potential
liabilities of EUR17.0 million, which have not been accounted for under
the IFRS NAV.
(4) Amounts per share calculated on 1.9 million outstanding ordinary
shares.
(END) Dow Jones Newswires
August 07, 2020 09:45 ET (13:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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