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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kenmore Euro | LSE:KEIF | London | Ordinary Share | GB00B1CH3174 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKEIF RNS Number : 6153I Kenmore Euro Industrial Fund Ltd 16 March 2010 16 March 2010 KENMORE EUROPEAN INDUSTRIAL FUND LIMITED ("KEIF"/ "Company") PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009 KENMORE'S ACTIVE ASSET MANAGEMENT CONTINUES WITH SIGNIFICANT LEASING ACTIVITY Kenmore European Industrial Fund, a Guernsey registered closed-ended investment company focusing on industrial property assets in Western Europe and Scandinavia, today announces preliminary results for the year ended 31 December 2009. Highlights: · Adjusted net asset value* per share at 31 December 2009 of 79.8 pence, down 28.8 pence from 108.6 pence at 31 December 2008 but up 0.6 pence from 79.2 pence at 30 September 2009 · Successfully sold 31 assets for GBP92.1 million · Net gearing if all cash balances were applied would be 60.2% · Underlying portfolio values have decreased by 9.58% over the year · Further 0.75 pence dividend announced bringing total dividend announced in respect of 2009 to 1.50 pence per share · Intensive asset management and ongoing leasing activity resulted in 61 new leases signed and 88 leases renewed representing over 140,000 sq m of space and GBP7.4 million of gross annualised income. Giles Weaver, Chairman, commented: "Over the past year, mainland European property markets have continued to see values reduce although the last quarter of 2009 showed a slight upturn. The Board remains satisfied that, through the Investment Manager's strong local network and specialist in-house property expertise, the Fund maintains close links with tenants and both local and national markets and is well placed to consider and mitigate the impact of likely future adjustments. "At 31 December 2009 the portfolio continues to have a strong defensive income profile. The key asset management focus for the coming year is centred on a highly proactive asset management approach by staying close to tenants and assisting them where possible as they deal with the prevailing economic climate. "The financial year under review saw the continued pro-active management of the portfolio through significant leasing activity, with 61 new leases and 88 renewals signed. The disposals effected this year contributed to the net repayment of GBP100.4m of debt, giving the Fund a degree of flexibility with which to address the necessary refinancing." * Adjusted net assets of GBP111,693,000 (2008 - GBP152,017,000): net asset value of GBP116,366,000 (2008 - GBP137,032,000) less deferred tax assets of GBP10,140,000 (2008 - plus deferred tax liabilities of GBP375,000) plus unrecognised deferred tax adjusted for within initial purchase price consideration of GBP5,779,000 (2008 - GBP14,922,000) less unrecognised deferred tax contingently adjusted for within initial purchase price consideration GBP312,000 (2008 - GBP312,000) For further information: +--------------------------------------+---------------------+ | Kenmore Financial Services Limited | +44 20 7629 4480 | | Rob Brook | | +--------------------------------------+---------------------+ | Financial Dynamics | +44 20 7831 3113 | | Stephanie Highett / Dido Laurimore / | | | Olivia Goodall | | +--------------------------------------+---------------------+ CHAIRMAN'S STATEMENT 2009 saw Kenmore European Industrial Fund ("KEIF"/the "Fund"/"Company") successfully sell 31 assets generating a positive return (before disposal costs) against the pre-sale valuations. The valuations of the Fund's remaining properties also saw an increase in the last quarter of 2009 which, combined with the increased transaction volumes towards the end of 2009, hopefully indicates that markets have now passed the bottom of one of the worst property downturns on record. Following on from these disposals, a key focus of the Fund is the Company's capital structure including the debt financing in place. The Fund's loan facilities, currently amounting to GBP198.6m, expire in three tranches in October 2010, April 2011 and November 2011. The Fund is currently in discussions with a number of lenders and is hopeful that a refinancing deal can be achieved at a gearing level that is both attractive to the Fund and in line with current market trends. Further disposals may be required to achieve appropriate gearing levels under any revised facilities. The Fund's overall investment objective, as stated at admission in September 2006, remains to provide investors with an attractive level of income together with the potential for capital growth. It is focused on industrial assets in Western and Northern Europe, excluding the UK, concentrated primarily in France, Germany, Scandinavia and the Benelux countries. The financial year under review saw the continued pro-active management of the portfolio through significant leasing activity, with 61 new leases and 88 renewals signed. The disposals effected this year contributed to the net repayment of GBP100.4m of debt, giving the Fund a degree of flexibility with which to address the necessary refinancing. Results The underlying performance of the Fund has been impacted by the continued fall in the commercial property market over the year. As such, since 31 December 2008, net assets per share, excluding deferred tax, decreased by 28.8 pence to 79.8 pence, a fall of 26.5%. However, in the last quarter of 2009, the net assets per share, excluding deferred tax, have actually risen by 0.8 pence. The table below shows the movement in adjusted net asset value per share for the current financial year and for the period since admission: +-----------------------+--------------+------------+--------------+----------+ | NAV per share (Pence) | Since admission | | | | 2009 | | +-----------------------+------------------------------------------+----------+ | Opening, excluding deferred tax and | 95.5 | 108.6 | | after listing costs | | | +--------------------------------------+------------+-------------------------+ | Movement in portfolio valuations | (45.3) | (28.3) | +--------------------------------------+------------+-------------------------+ | Expensing of acquisition costs | (6.1) | - | +--------------------------------------+------------+-------------------------+ | Uplift from balance of retained | 11.1 | 2.1 | | profits | | | +--------------------------------------+------------+-------------------------+ | Movement from mark to market of | (6.2) | 2.5 | | derivatives | | | +--------------------------------------+------------+-------------------------+ | Dividends paid | (12.1) | (1.5) | +--------------------------------------+------------+-------------------------+ | Foreign exchange movements | 36.2 | (0.2) | +--------------------------------------+------------+-------------------------+ | Movement on deferred tax compensated | 6.7 | (3.4) | | for at acquisition | | | +--------------------------------------+------------+-------------------------+ | As at 31 December 2009, excluding | 79.8 | 79.8 | | deferred tax | | | +--------------------------------------+------------+-------------------------+ | | | | | | +-----------------------+--------------+------------+--------------+----------+ After deducting all deferred tax, whether recognised on the balance sheet or not, NAV at 31 December 2009 was 53.7 pence (31 December 2008 - 68.8 pence). Losses before tax in the year to 31 December 2009 were GBP28.5m. Key components of this include: · operating profits less interest GBP7.7m · unrealised revaluation losses GBP(39.7)m · unrealised gains on derivatives GBP3.5m Portfolio During the year, the Company successfully sold 31 assets for GBP92.1m, generating a small profit (before disposal costs) against valuation. As at the balance sheet date, the Company held 74 properties at a market value of GBP299m. Further information on the portfolio is contained within the Investment Manager's Review. Gearing Fund policy, as stated in the prospectus, was to keep borrowings at approximately 70% of gross assets when fully invested. This is no longer appropriate in light of changes in the market and the Board's stated policy is now to selectively sell assets in order to keep borrowings below this level with a medium term target of maintaining gearing between 50% and 60%. As at 31 December 2009, the Company had drawn GBP198.6m of debt from its total facilities. If all cash balances within the Fund were to be applied to reduce the drawn debt facilities it would reduce gearing to 60.2%. The loan to value covenants on the Company's banking facilities currently range from 70% to 75% (averaging 69.6% based on debt drawn). The Company has hedged the risk of interest rate increases by the use of interest rate swaps. As at 31 December 2009, a total of 109% of the Company's debt has been protected in this way for a weighted average period of 1.6 years (see note 18). The blended cost of money based on debt drawn to date is currently 4.08% (5.07% including margin). The fair value of those hedges improved by GBP3.5m over the course of the year. Dividends In light of the current economic climate, the Board has reviewed its dividend policy and has decided to declare a further interim dividend of 0.75 pence for the current financial year. This will be paid on 30 April 2010 to shareholders on the register on 16 April 2010. An interim dividend of 0.75 pence per share was paid on 25 September 2009, bringing the total announced dividends for 2009 to 1.50 pence (GBP2.1m). Investment Manager During the last quarter of 2009 the ultimate holding company of the Company's investment manager, Kenmore Property Group Limited ("Kenmore"), went into administration although the subsidiary that actually managed KEIF's affairs, Kenmore Financial Services Limited ("KFSL"), continued trading with the use of staff as agreed by the administrators. Continuity of management for the portfolio was clearly a priority for the Board to establish at a time when there was a real possibility of your company suffering a lack of hands-on management whilst a new competent investment manager was sought. In the event, a new investment management company, Tamar Capital ("Tamar") was established and provides continuity of the management of the Fund's assets. Following regulatory approval KFSL was acquired by Tamar in January 2010. Tamar is ultimately owned by the family interests of Mr Joe Lewis and employs substantially the same team as had been in place managing the European investments for Kenmore. The administrator of Kenmore assigned the management of KEIF and other largely European investments, previously managed by Kenmore, to the newly established Tamar. Rob Brook was appointed chief executive of Tamar and remains lead fund manager to KEIF and responsible for "end to end" strategy across all aspects of the fund management. Rob continues to be supported by Chris Pope, head of the French office, and the same regional managers KEIF enjoyed previously, delivering local expertise and knowledge in managing KEIF. During the last quarter your Board discussed with their advisers a variety of possible options for the management of KEIF's assets including taking the management of the assets in house, appointing a new manager or considering whether to sell the company to an external purchaser. However since Tamar was able to appoint largely the same team of key local individuals, who had previously been managing the assets, the Board decided to continue with KFSL as your Investment Manager in the knowledge that it would be ably supported by Tamar. The Board have confidence in the team that have been managing your assets on account of both the speed with which they were able to invest cash after the initial flotation as outlined in the Offer Document and their ability to effect sales at good value in the unexpected very weak market that has unfortunately transpired. At the forthcoming AGM, the company will put a resolution to shareholders changing the name of the Company to Tamar European Industrial Fund Limited in line with the new marketing brand of the Company's fund manager. Hansteen Offer During the last quarter of 2009, after Kenmore had been placed into administration, the Company announced that it had received an indicative preliminary offer of approximately 40.6p per share from Hansteen Holdings plc, which the Board considered seriously with its advisors. However, no due diligence took place and the Board notes that on 11 March 2010 Hansteen announced that it was no longer considering making an offer. Shareholder Communication The Board considers it important that shareholders are kept regularly informed of the progress of the Fund. The adjusted Net Asset Value per share will continue to be published quarterly. Corporate Governance The Company is registered in Guernsey. As such, it is not formally required to comply with the Combined Code on Corporate Governance. However, the Directors intend to comply with the Code, and our statement on compliance is contained in the annual report. Prospects Over the past year, mainland European property markets have continued to see values reduce although the last quarter of 2009 showed a slight upturn. The Board remains satisfied that, through the Investment Manager's strong local network and specialist in-house property expertise, the Fund maintains close links with tenants and both local and national markets and is well placed to consider and mitigate the impact of likely future adjustments. At 31 December 2009 the portfolio continues to have a strong defensive income profile. The key asset management focus for the coming year is centred on a highly proactive asset management approach by staying close to tenants and assisting them where possible as they deal with the prevailing economic climate. In addition, the Board continues to work on a selective disposal programme where it believes the pro-active asset management has created sufficient return for shareholders. Giles Weaver Chairman 15 March 2009 INVESTMENT MANAGER'S REVIEW Property Market Review Investment trading continued to pick up pace in the final quarter of 2009. Investment volumes increased by almost 20% on the previous quarter to EUR25 billion and up 49% on the same quarter in 2008. This was the third consecutive quarter of increasing volumes after seven consecutive quarters of decline following the global financial crisis. Overall, Europe saw EUR70 billion of commercial real estate change hands in 2009, which was down 38% on 2008. The 2009 figure broadly compares to trading numbers in 2001, but remains well below the record EUR253 billion recorded in 2006. Increasing investor confidence and trading has translated into compressing yields in some prime markets. Occupier sentiment in the European warehousing sector strongly improved over the last few months of the year. Leasing activity continued to improve, albeit accelerating take-up in the final quarter of 2009 was achieved on the back of low volumes. Overall, take-up in 2009 has significantly declined year-on-year and take-up levels in 2010 are anticipated to remain on a similar level. Occupier demand remained most resilient in the core Western European markets, in particular Germany and France, which offer the largest modern logistics stock in combination with an excellent transport network. In 2010, both markets expect to record an annual take-up in line with the previous year (Source JLL). Belgium Overall industrial investment volumes fell over the fourth quarter of 2009. Existing interest amongst investors for Belgian industrial assets is concentrated around prime property. Nevertheless, yields have remained stagnant over the last three quarters ranging between 7.75% and 8.25% particularly due to a shortage of preferred assets. Overall industrial and logistics take-up increased by approximately 20,000 sqm over the fourth quarter and assets in the Brussels-Antwerp-Ghent region are most keenly sought after. Finland The transaction market improved slightly during the fourth quarter from a near halt earlier in the year with domestic institutions buying mainly prime office and retail assets. Poor access to funding remains the main reason with most banks still closed for business. In addition the slow export trade markets have also hampered the demand for industrial and logistics buildings. The leasing market remained challenging during the third and fourth quarters with several negotiations underway. The amount of stock available on the market is currently swaying landlords to offer generous incentives to let premises in the short term. France In 2009, approximately EUR7 billion was invested in standard commercial real estate, the lowest volume since 2000. Investment volume fell by 40% during the year and was three and a half times lower than in 2007. In the first quarter the market was dominated by small transactions (averaging EUR10 million and none above EUR100 million). Over the last three months the average lot size rose to EUR28 million. Occupier interest in office space in the fourth quarter of 2009 followed the same pattern as the rest of the year and was significantly down on 2008's level. The slowdown was less severe in the second half of 2009. Rents started falling in July 2008 and have continued to do so. Take-up in Ile de France's industrial market continued falling, a trend started in 2008. At 979,200 sqm, it was 14% down on the previous year's overall figures, dropping 17% for industrial space and 7% for small and medium sized warehouses. Germany A total of EUR550 million was invested in industrial and logistics real estate in Germany in 2009 representing a decline of 70% in comparison to 2008. This decline is much higher than other asset categories such as office, residential or retail in Germany. For 2009 there was only one portfolio deal with a value of EUR50m or greater. The market was dominated by local German investors being 86% in 2009 in comparison to 43% in 2008. The main focus was and remains on core and core plus assets with only 20% of deals in the value-add or opportunistic category. Prime yields are currently around 7.5% but are expected to come under downward pressure as prime assets are limited. Total German warehouse take-up in 2009 amounted to over 3.25 million sqm, representing a decline of 10% compared to 2008, but still 3% above the 5-year average rate. The majority of deals for more than 2 million sqm were closed outside the "big five" centres (Hamburg, Düsseldorf, Munich, Berlin and Frankfurt). Netherlands Prime yields have moved out from 7.5% to 7.75% over the course of 2009, however they are expected to stabilise throughout 2010. Secondary yields have moved by at least as much and are now at around 10.0% to 10.25%. The Netherlands had seen four quarters of negative growth until the third quarter of 2009 when it recorded growth of 0.4%, showing the start of some recovery in the economy. However, the Dutch Gross Domestic Product decreased by 4.0% overall in 2009, primarily due to a sharp fall in exports. The Netherlands Bureau for Economic Policy Analysis (CPB) forecasts a revival of the Dutch economy by 1.5% in 2010 and upwards revisions have been made compared with the previous mid-2009 estimates. There is still relatively steady occupier activity and demand for logistics space as modern, well-designed logistics facilities remain in short supply and the current available space consists mostly of outdated, poorly accessible stock. Norway The transaction market for industrial property has picked up during the fourth quarter of 2009 with investors showing increased interest in the few assets that are on the market. Furthermore, investors are becoming more creative and solution-orientated in their investment strategies looking at the options to take over existing financing from the owners or accepting sellers' credits to reduce risks if there is doubt over a tenant's viability as well as making the financiers more comfortable in their lending position. In the industrial sector the focus remains on localization, centralization and improved efficiency. The general demand for high quality premises is moderate to strong and it appears that downward pressure on rental values for these quality assets has subsided. Assets of lesser quality may continue to see downward pressure on rents and subsequently values throughout 2010. However, occupational markets are expected to stabilise, if not strengthen in the better-located markets. Sweden Transaction volumes were down 26% in 2009 compared to 2008 with SEK 78.9bn transacted in the year. The largest transaction involved the creation of a residentially orientated property company by Kungsleden PLC and the state owned pension fund AP3 for SEK 7.3bn. Commercial property investment demand has picked up somewhat from the fourth quarter of 2009 onwards, with domestic investors and pension funds showing the most interest. Prime assets are most in demand within the office and logistics sectors. The demand for secondary properties is still weak with supply increasing. Portfolio Overview During the year, the portfolio has seen 61 new leases signed representing 10.93% of gross income (GBP3,287,000) and 7.52% or 60,987 sqm of total area. Furthermore, 88 lease renewals were signed representing 12.87% of gross income (GBP4,073,000) and 13.05% or 80,237 sqm of total area. Vacating tenants during this quarter amounted to 68 tenants representing GBP4,003,000 of ERV and 77,589 sqm. Of the leasing activity undertaken during the year, the more prominent leases signed include: Food Broker AS (Holterkollveien, Norway) who took 5,900 sqm for an annual rent of GBP414,717; Amplitude (Lisses Bois Chaland, France) who leased 1,700 sqm at a rent of GBP125,000 and Hygiatec (Argenteuil, France) who have rented 1,453 sqm for an annual rent of GBP58,855. Significant lease renewals include 2,171 sqm to Rema at Ostmarkveien 27 (Norway) for a rent of GBP319,783 and 7,148 sqm to Coloplast (Lisses, France) at an annual rent of GBP385,962. +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | | Belgium | Finland | France | Germany | Netherlands | Norway | Sweden | TOTAL | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Number of | 8 | 7 | 35 | 4 | 3 | 10 | 7 | 74 | | Assets | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Number of | 59 | 15 | 175 | 26 | 2 | 57 | 57 | 391 | | Tenants | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Total | 108,533 | 34,173 | 168,280 | 92,155 | 20,001 | 86,063 | 103,916 | 613,121 | | Area | | | | | | | | | | (sqm) | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Average | GBP5,537 | GBP3,288 | GBP2,864 | GBP6,157 | GBP2,685 | GBP6,701 | GBP4,585 | GBP4,045 | | Lot Size | | | | | | | | | | GBP'000 | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Value | GBP408 | GBP673 | GBP596 | GBP267 | GBP403 | GBP779 | GBP309 | GBP488 | | (per sqm) | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Area/Tenancy | 1,840 | 2,278 | 962 | 3,544 | 10,001 | 1,510 | 1,823 | 1,568 | | (sqm) | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Area/Asset | 13,567 | 4,882 | 4,808 | 23,039 | 6,667 | 8,606 | 14,845 | 8,285 | | (sqm) | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Vacancy | 26.91% | 4.22% | 15.17% | 28.94% | 20.13% | 3.15% | 13.57% | 16.91% | | by Area | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Average | 2.81 | 9.59 | 2.00 | 5.83 | 3.90 | 4.44 | 4.13 | 3.81 | | Lease | | | | | | | | | | Term | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ | Running | 6.21% | 4.78% | 8.05% | 6.69% | 7.43% | 6.94% | 7.11% | 7.03% | | Yield | | | | | | | | | +--------------+----------+----------+----------+----------+-------------+----------+----------+----------+ As at 31 December 2009, the Fund's total portfolio was valued at GBP299,042,000. By value this breaks down across seven countries as follows: France 33%, Norway 22%, Belgium 15%, Sweden 11%, Germany 8%, Finland 8% and Netherlands 3%. The portfolio comprised 74 properties totalling 613,121 sqm with 391 individual leases. The current portfolio gross rent is GBP27,640,000 with an NOI of GBP23,587,000 (Q4 NOI annualised) reflecting a yield of 7.03% with a void of 16.91% by area and reversionary yield of 7.61%. In the final quarter of 2009, the void increased from 16.18% due to higher net vacancies from leasing activity. Outlook Investment markets appear to have now passed the bottom of one of the worst property investment downturns on record. However, the weak economic recovery is playing into a slow and uneven rebound in corporate demand, which means investors are remaining cautious in underwriting investment deals and are looking closely at lease length and covenant strength. Refinancing remains a concern although banks now have more clarity around their real estate strategies than at the start of 2009 and a steady release of saleable assets onto the market is expected. A key focus for the Fund remains to reduce gearing through targeted sales, with GBP14.9m of assets currently under offer, as well as to maximise leasing and lease renewals through active asset management initiatives, in order to ride out the shocks in the occupier markets caused by continuing economic uncertainty and instability. The Fund's diversity across a number of Western European markets and the experience of the local management teams puts it in a strong position to do this. Kenmore Financial Services Limited Investment Manager PORTFOLIO STATISTICS Geographical Analysis as at 31 December 2009 +------------------------------+------+-------+ | | % Portfolio | +------------------------------+--------------+ | France | | 33% | +------------------------------+------+-------+ | Norway | | 22% | +------------------------------+------+-------+ | Belgium | | 15% | +------------------------------+------+-------+ | Sweden | | 11% | +------------------------------+------+-------+ | Germany | | 8% | +------------------------------+------+-------+ | Finland | | 8% | +------------------------------+------+-------+ | The Netherlands | | 3% | +------------------------------+------+-------+ Tenure Analysis as at 31 December 2009 +------------------------------+------+-------+ | | % Portfolio | +------------------------------+--------------+ | Freehold | | 98% | +------------------------------+------+-------+ | Leasehold | | 2% | +------------------------------+------+-------+ Lease Expiry Profile At 31 December 2009 the average lease length through to expiry for the portfolio was 3.8 years. Top Ten Tenants at 31 December 2009 +------------------------------+------+-------+-------------------+ | Tenant | Passing Rent | % Total Portfolio | | | GBP'000s | Passing Rent | +------------------------------+--------------+-------------------+ | Machinery Oy | | 1,420 | 5.0% | +------------------------------+------+-------+-------------------+ | Bauda AS | | 1,401 | 4.9% | +------------------------------+------+-------+-------------------+ | Compair Drucklufttechnik | | 1,018 | 3.6% | | GmbH | | | | +------------------------------+------+-------+-------------------+ | Kuehne + Nagel Chilled | | 820 | 2.9% | | Logistics | | | | +------------------------------+------+-------+-------------------+ | Daimler AG | | 734 | 2.6% | +------------------------------+------+-------+-------------------+ | Blondie Logistics | | 618 | 2.2% | +------------------------------+------+-------+-------------------+ | Tibnor AB | | 594 | 2.1% | +------------------------------+------+-------+-------------------+ | Distri-Log | | 589 | 2.1% | +------------------------------+------+-------+-------------------+ | Ahlsell Norge | | 578 | 2.0% | +------------------------------+------+-------+-------------------+ | Posten Logistik AB | | 521 | 1.8% | +------------------------------+------+-------+-------------------+ | | | 8,293 | 29.2% | +------------------------------+------+-------+-------------------+ STATEMENTS OF COMPREHENSIVE INCOME Audited For the year ended 31 December 2009 +------------------------+-------+----------+----------+---------+----------+ | | | 2009 | 2008 | +------------------------+-------+---------------------+--------------------+ | | Notes | Company | Group | Company | Group | | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------+-------+----------+----------+---------+----------+ | Revenue | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Rental income | | - | 32,814 | - | 35,716 | +------------------------+-------+----------+----------+---------+----------+ | Other income | | - | 7,632 | - | 7,023 | +------------------------+-------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Losses on investments | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Unrealised losses on | 9 | - | (39,662) | - | (46,728) | | revaluation of | | | | | | | investment properties | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Realised losses on | | - | (1,052) | - | (972) | | disposal | 9 | | | | | | of investment | | | | | | | properties | | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | - | (268) | - | (4,961) | +------------------------+-------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Expenditure | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Property acquisition | | - | (31) | (184) | (2,106) | | and related costs | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Other | 2a, | (686) | (19,786) | 2,800 | (16,473) | | (expenses)/income | 4 | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | (686) | (19,817) | 2,616 | (18,579) | +------------------------+-------+----------+----------+---------+----------+ | Net operating | | (686) | (20,085) | 2,616 | (23,540) | | (loss)/profit before | | | | | | | finance costs | | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Net finance | | | | | | | income/(costs) | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Interest receivable | | 8,959 | 723 | 8,628 | 1,077 | +------------------------+-------+----------+----------+---------+----------+ | Finance costs | 5 | (3,928) | (12,610) | (1,425) | (21,114) | +------------------------+-------+----------+----------+---------+----------+ | Unrealised | | 2,063 | 3,515 | (2,589) | (14,066) | | gains/(losses) on | | | | | | | derivatives | | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | 7,094 | (8,372) | 4,614 | (34,103) | +------------------------+-------+----------+----------+---------+----------+ | Net profit/(loss) | | 6,408 | (28,457) | 7,230 | (57,643) | | before taxation | | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Taxation on | 6 | - | 13,787 | - | 8,900 | | profit/(loss) | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Net profit/(loss) for | | 6,408 | (14,670) | 7,230 | (48,743) | | the year | | | | | | +------------------------+-------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Other comprehensive | | | | | | (loss)/income for the year, | | | | | | after tax: | | | | | +--------------------------------+----------+----------+---------+----------+ | Exchange differences on | (13,481) | (3,896) | 45,993 | 46,507 | | translating foreign | | | | | | operations | | | | | +--------------------------------+----------+----------+---------+----------+ | Other comprehensive | (13,481) | (3,896) | 45,993 | 46,507 | | (loss)/income for the year, | | | | | | net of tax | | | | | +--------------------------------+----------+----------+---------+----------+ | Total comprehensive | (7,073) | (18,566) | 53,223 | (2,236) | | (loss)/income for the year | | | | | +--------------------------------+----------+----------+---------+----------+ | | | | | | | +------------------------+-------+----------+----------+---------+----------+ | Basic and diluted loss | 8 | | (10.5p) | | (34.8p) | | per share | | | | | | +------------------------+-------+----------+----------+---------+----------+ STATEMENTS OF FINANCIAL POSITION Audited As at 31 December 2009 +------------------------+-------+----------+-----------+----------+-----------+ | | | | 2009 | | 2008 | +------------------------+-------+----------+-----------+----------+-----------+ | | Notes | Company | Group | Company | Group | | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------+-------+----------+-----------+----------+-----------+ | Non-current assets | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Property, plant and | | - | 177 | - | 62 | | equipment | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Investment properties | 9 | - | 293,263 | - | 418,645 | +------------------------+-------+----------+-----------+----------+-----------+ | Investment in | 10 | 206,846 | - | 239,828 | - | | subsidiary | | | | | | | undertakings | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Deferred tax assets | 11a | - | 13,541 | - | 2,111 | +------------------------+-------+----------+-----------+----------+-----------+ | | | 206,846 | 306,981 | 239,828 | 420,818 | +------------------------+-------+----------+-----------+----------+-----------+ | Current assets | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Assets classified as | | - | - | - | 15,975 | | held for sale | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Trade and other | 12 | 1,360 | 17,060 | - | 18,642 | | receivables | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Cash and cash | 13 | 10,090 | 18,413 | 1,792 | 34,571 | | equivalents | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | | | 11,450 | 35,473 | 1,792 | 69,188 | +------------------------+-------+----------+-----------+----------+-----------+ | Total assets | | 218,296 | 342,454 | 241,620 | 490,006 | +------------------------+-------+----------+-----------+----------+-----------+ | | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Current liabilities | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Trade and other | 14 | (40,461) | (25,802) | (54,612) | (40,628) | | payables, including | | | | | | | derivatives | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Current tax | | - | (714) | - | (606) | | liabilities | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Loans and borrowings | 15 | - | (50,965) | - | (3,035) | +------------------------+-------+----------+-----------+----------+-----------+ | | | (40,461) | (77,481) | (54,612) | (44,269) | +------------------------+-------+----------+-----------+----------+-----------+ | Non-current | | | | | | | liabilities | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Loans and borrowings | 15 | - | (147,595) | - | (308,330) | +------------------------+-------+----------+-----------+----------+-----------+ | Deferred tax | 11a | - | (1,012) | - | (375) | | liabilities | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | | | - | (148,607) | - | (308,705) | +------------------------+-------+----------+-----------+----------+-----------+ | Total liabilities | | (40,461) | (226,088) | (54,612) | (352,974) | +------------------------+-------+----------+-----------+----------+-----------+ | Net assets | | 177,835 | 116,366 | 187,008 | 137,032 | +------------------------+-------+----------+-----------+----------+-----------+ | | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Represented by: | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Share capital | 16 | - | - | - | - | +------------------------+-------+----------+-----------+----------+-----------+ | Share premium | 16 | 2,985 | 2,985 | 2,985 | 2,985 | +------------------------+-------+----------+-----------+----------+-----------+ | Special distributable | 16 | - | - | 117,716 | 117,716 | | reserve | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Translation reserve | 16 | - | - | 58,953 | 56,745 | +------------------------+-------+----------+-----------+----------+-----------+ | Revenue reserve | 16 | 174,850 | 113,381 | 7,354 | (40,414) | +------------------------+-------+----------+-----------+----------+-----------+ | Equity shareholders' | | 177,835 | 116,366 | 187,008 | 137,032 | | funds | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ | Net asset value per | | | 83.1p | | 97.9p | | share | | | | | | +------------------------+-------+----------+-----------+----------+-----------+ CASH FLOW STATEMENTS Audited For the year ended 31 December 2009 +------------------------+-------+----------+-----------+---------+----------+ | | | 2009 | 2008 | +------------------------+-------+----------------------+--------------------+ | | Notes | Company | Group | Company | Group | | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | +------------------------+-------+----------+-----------+---------+----------+ | Cash flows from | | | | | | | operating activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Net profit/(loss) for the | 6,408 | (14,670) | 7,230 | (48,743) | | year | | | | | +--------------------------------+----------+-----------+---------+----------+ | Taxation | | - | (13,787) | - | (8,900) | +------------------------+-------+----------+-----------+---------+----------+ | Adjustments for: | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Unrealised losses on | - | 39,662 | - | 46,728 | | revaluations of investment | | | | | | properties | | | | | +--------------------------------+----------+-----------+---------+----------+ | Realised losses on disposal | - | 1,052 | - | 972 | | of investment properties | | | | | +--------------------------------+----------+-----------+---------+----------+ | Movement in financing | | - | (1,580) | - | 13,121 | | derivatives | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Depreciation | | - | 16 | - | 19 | +------------------------+-------+----------+-----------+---------+----------+ | Foreign exchange | | - | 5,074 | - | 2,169 | | movements | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Taxation paid | | - | (1,283) | - | (2,356) | +------------------------+-------+----------+-----------+---------+----------+ | (Increase)/decrease in | (1,360) | 2,789 | - | (88) | | trade and other receivables | | | | | +--------------------------------+----------+-----------+---------+----------+ | (Decrease)/increase in trade | (14,151) | (13,234) | 10,484 | 1,771 | | and other payables | | | | | +--------------------------------+----------+-----------+---------+----------+ | Net cash | | (9,103) | 4,039 | 17,714 | 4,693 | | (outflow)/inflow from | | | | | | | operating activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Cash flows from | | | | | | | investing activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Acquisition of | 9 | - | (8,751) | - | (14,878) | | investment properties | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Development | 9 | - | (2,059) | - | (7,163) | | expenditure | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Proceeds from disposal | | - | 92,109 | - | 62,102 | | of | | | | | | | investment properties | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Acquisition of | | - | (130) | - | (36) | | property, plant & | | | | | | | equipment | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Net change in | 10 | 19,501 | - | (9,532) | - | | investment in | | | | | | | subsidiaries | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Net cash | | 19,501 | 81,169 | (9,532) | 40,025 | | inflow/(outflow) from | | | | | | | investing activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Cash flows from | | | | | | | financing activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Repayment of | | - | (100,448) | - | (18,594) | | borrowings | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Dividends paid | 7 | (2,100) | (2,100) | (8,484) | (8,484) | +------------------------+-------+----------+-----------+---------+----------+ | Net cash outflow from | | (2,100) | (102,548) | (8,484) | (27,078) | | financing activities | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Net | | 8,298 | (17,340) | (302) | 17,640 | | increase/(decrease) in | | | | | | | cash | | | | | | | and cash equivalents | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Cash and cash | | 1,792 | 34,571 | 2,094 | 13,981 | | equivalents at start | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Foreign exchange | | - | 1,182 | - | 2,950 | | movements on cash and | | | | | | | cash equivalents | | | | | | +------------------------+-------+----------+-----------+---------+----------+ | Cash and cash | | 10,090 | 18,413 | 1,792 | 34,571 | | equivalents at end | | | | | | +------------------------+-------+----------+-----------+---------+----------+ NOTES TO THE PRELIMINARY ANNOUNCEMENT 1. Accounting policies - Basis of preparation This press release contains the financial information of Kenmore European Industrial Fund Limited (the "Company") and its subsidiaries (together referred to as the "Group") for the year ended 31 December 2009. The financial information is prepared on the historical cost basis and is presented in Sterling rounded to the nearest thousand. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2009. Statutory accounts for 2009, prepared under IFRS as adopted by the International Accounting Standards Board, will be delivered in due course. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports. This information is provided by RNS The company news service from the London Stock Exchange END FR SFDFWIFSSEED
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