TIDMABL
RNS Number : 8065A
Ablon Group Limited
25 March 2013
25 March 2013
ABLON GROUP LIMITED
FINAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2012
ABLON Group Limited ("ABLON" or "the Company" and, together with
its subsidiaries, the "Group"), a leading real estate owner and
developer in Central Europe, today announces its final results for
the year ended 31 December 2012 which were prepared in accordance
with International Financial Reporting Standards as adopted by the
EU (EU IFRSs) and in compliance with the Companies (Guernsey) Law,
2008.
Copies of the Company's Annual Report and Accounts will be sent
to shareholders shortly and will be shown on the Company's website
www.Ablon-group.com following such date.
FINANCIAL HIGHLIGHTS
-- Revenue at EUR30.2 million (2011: EUR30.4 million).
-- Loss after tax for the year of EUR78.3 million (2011: EUR25.1 million loss after tax)
-- Total equity at EUR128.7 million (2011: EUR207.5 million)
-- Property portfolio value, on comparable terms, EUR370 million (2011: EUR484 million)
-- Loan to equity ratio of 172.1% (31 December 2011: 110.1%)
-- Positive operative cash flow of EUR7.5 million (2011: EUR5.6 million)
For further information, please contact:
ABLON Group Limited
Kristóf Skwarek Tel. +36 1 225 6600
NOTES TO EDITORS
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its
subsidiaries (together the "ABLON Group") has properties at 33
locations, of which there are 15 completed projects and 23
development projects in Budapest, Prague, Bucharest, Warsaw. Its
portfolio comprises a diversified mix of office, residential,
retail, logistics and hotel developments valued at approximately
EUR370 million by external independent appraiser (Colliers
International), as at 31 December 2012. The ABLON Group had, as at
31 December 2012, approximately 208,800 square metres of existing
and income generating office, residential, hotel, retail and
logistics assets (at 15 locations) in Budapest and Prague, with a
significant development land bank comprising a further circa.
1,164,500 square metres (at 23 locations) in Budapest, Prague,
Bucharest and Warsaw. ABLON's shares are traded on the Main Market
of the London Stock Exchange under the ticker 'ABL'.
chairman's statement
The countries and segments in which the Group operates are
experiencing continuing difficult market conditions. The prolonged
overall economic difficulties had a marked effect on business
sentiment throughout the region with profound losses in property
values. The Group continued to cope with the challenges maintaining
its revenues while improving its cash-flow.
The performance of the Group remains focused on our income
generating assets while our development activities are on hold with
new constructions starting only commencing in case of availability
of financing.
We have reviewed the cost structure across the Group and have
been implementing changes in order to reduce regular expenditure at
both the central and operational levels.
We recognise the need to generate further income within the
Group and are focused on generating positive cash flow which we
expect to achieve through a combination of cost reductions, asset
realisations and, where applicable, refinancings.
ABLON has made several important steps during the year to
progress this strategy:
-- Asset realisation: The Group sold 50% of the Karolkowa Business Park in November 2012.
-- New developments: The Group has secured financing and started
and completed construction of a new storage facility in the Airport
City Logistics Park in Budapest.
-- Refinancings: The Group prolonged its MEUR 37 expiring loan
with Deutsche Pfandbriefbank for a period of up to five years.
Working capital
Whilst we believe that the Group has sufficient cash (including
cash equivalents) for its present requirements, if the Group is
unable to renew, refinance or extend expired or expiring loans,
then it may be required to repay such loans; and, if the Group is
unable to raise sufficient sales proceeds from the disposal of the
Group's interest in the properties secured against such loans, then
it would default on those loans.
However, we believe, based on past experience during the recent
turmoil in the financial markets, that the Group will be able to
renegotiate covenants, extend or refinance all loans that breach or
will breach covenants or have or will fall due for repayment in the
next 12 months and that we will be able to renegotiate, extend,
refinance or renew all relevant loans on commercially acceptable
terms. I would also like to bring to your attention, note 2 (c) of
the financial statements which explains further the assumptions the
Board has made in confirming that the Group is a going concern, and
that the auditors have not qualified their audit opinion in this
regard although they too draw your attention to this statement.
I would like to bring to your attention, note 31 of the
financial statements which describes the loan transfer between
Volksbank and CPI Beta a.s. and the loan agreement between
Volksbank and Ablon, both dated 21 March 2013.
Board changes
Saydam Salaheddin was nominated by the Board as a director in
October 2012 and Wolfhard Fromwald and Marek Modecki were nominated
at the 5 December 2012 EGM. Uri Heller was removed from the Board
at the same EGM while Mordechai Bignitz, Marek Modecki and Saydam
Salaheddin were removed from the Board in EGMs held on 31 January
and 1 February 2013. Mr Radovan Vítek and Mr. Martin Nemecek were
elected as directors on 1 February 2013 and in conjunction with
CPI's offer they resigned on 6 February 2013. We are grateful to
the leaving directors for their contribution to the Company.
Prospects
We continue to monitor potential development opportunities
within our land bank and we have the flexibility within our
portfolio to commence developments according to market needs as
well as to realise value on appropriate terms. This flexible
approach will enable ABLON to realise and generate value for our
shareholders.
We welcome the developments of the cash offer by CPI Group a.s.,
which has been ABLON Group's parent company since 22 February
2013.
Alex Borrelli,
Chairman
-ends-
RESULTS IN BRIEF
in thousands of Euros 31-Dec-12 31-Dec-11
Gross rental income 16,805 16,610
Service charge income 6,219 7,175
Residential sales
income 3,259 2,751
Hotel income 3,876 3,885
Revenue 30,159 30,421
---------- ----------
Cost of rental and
service charge (6,662) (7,361)
Cost of residential
sales (2,641) (2,090)
Hotel expense (4,203) (4,395)
Cost of sales (13,506) (13,846)
---------- ----------
Gross profit 16,653 16,575
---------- ----------
Net valuation gain/
(loss) (74,199) 17,909
Inventory provision (12,221) (3,243)
Impairment of property
plant and equipment (2,124) 0
Sales and administrative
expense (5,158) (5,221)
Other income/(expense) (2,051) (345)
Net operating profit
/ (loss) (79,100) 25,675
---------- ----------
Net financing income/(expenses) (5,826) (35,163)
Profit / (loss) before
income tax (84,926) (9,488)
---------- ----------
Tax 6,601 (15,594)
Profit/ (loss) for
the period (78,325) (25,082)
---------- ----------
Basic earnings/(losses)
per share (euro) (0.57) (0.19)
Diluted earnings/(losses)
per share (euro) (0.57) (0.19)
---------- ----------
Summary Consolidated Statement of Financial Position
in thousands of Euros 31-Dec-12 31-Dec-11
Non-current assets 366,525 461,394
Current assets 17,312 20,421
Total assets 383,837 481,815
---------- ----------
EQUITY
Total equity 128,733 207,523
---------- ----------
Non-current liabilities 163,665 155,410
Current liabilities 91,439 118,882
Total liabilities 255,104 274,292
---------- ----------
Total equity and liabilities 383,837 481,815
---------- ----------
Summary CONSOLIDATED Statement OF CASH FLOWS
In thousands of Euros 31-Dec-12 31-Dec-11
Net cash generated/ (used
in) from operating activities 7,535 5,635
Net cash (used in) investing
activities (2,194) (5,298)
Net cash from / (used in)
financing activities (5,725) (1,900)
Net increase / (decrease)
in cash and cash equivalents (384) (1,563)
Cash and cash equivalents
at 1 January 9,730 11,481
Effect of exchange rate fluctuations
on cash held 13 (188)
Cash and cash equivalents
at 31 December 9,359 9,730
DIRECTORS' REPORT
The Directors' Report is prepared under the Companies (Guernsey)
Law, 2008 as amended.
Operational Review
Budapest
Office segment
The office segment occupancy and annualised gross rent figure
decreased. Occupancy is at 67% (31 December 2011: 72%), annualised
rental income is at EUR10.2 million (31 December 2011: EUR11.3
million).
Larger moves include the Fogarasi building, which is now empty
since the tenant that fully occupied the building moved out in
January 2012, whereas the occupancy was 100% with EUR0.4 million
annualised gross rent as at 31 December 2011. Vacancy increased
considerably in BC 91, currently at 50% (67% as at 31 December
2011).
Most expiring leases are prolonged, but at lower rent levels,
producing lower annualised rental income generally over the
portfolio.
Retail segment
The retail segment continued its favourable trend of increasing
occupancy reaching 76% for the three properties combined (68% as at
31 December 2011). The driver was Buy-way Dunakeszi with 81% of the
area occupied currently (64% as at 31 December 2011). Annualised
gross rent decreased to EUR2.6 million (31 December 2011: EUR2.9
million) as a result of lower turnovers and with the close of the
casino in Europeum that was a result of new state regulations on
casino activities.
Logistics segment
The logistics segment continued its growth this year, occupancy
reaching 95% (31 December 2011: 69%) and annualised gross rent at
EUR1.7 million (31 December 2011: EUR1.0 million). This year's
increase was boosted with the December 2012 handover of the third
building at the Airport City Logistics Park, a 6,900 sqm storage
and office facility. The building was constructed for the purposes
of a 10 year built to suit contract.
Hotel segment
The Marriott Courtyard revenue was EUR3.9 million in 2012
unchanged from the last year (2011: EUR3.9 million), but lower
operational costs have decreased the segment loss (EUR0.3 million
loss in 2012 compared to a EUR0.5 million loss in 2011). Occupancy
did not change recording 64% for both 2012 and 2011.
Prague
Office segment
At the end of December 2012, the total Prague occupancy was 81%
(90% as at 31 December 2011), while annualised gross rent decreased
to EUR2.3 million (EUR2.6 million as at 31 December 2011).
The decrease in occupancy and annualised gross rent has been
caused by moves in Palmovka building, where a tenant that occupied
apr. 50% of the building moved out as of December 31, 2012. Until
December 31, 2012 (including) the occupancy was 96% with EUR0.75
million annualised gross rent.
Residential segment
In the residential development, 27 units were delivered to
buyers during 2012, compared to 20 in 2011. As at 31 December 2012,
101 units had been sold out of a total of 162.
Bucharest
The Group's developments in Bucharest remain on hold until
market conditions improve.
Poland
The Group has sold 50% of the Karolkowa Business Park and
management is secured by the purchasing party. The Gdansk project
has come under liquidation due to unresolved differences with the
49% minority owners. The Group's remaining development in Poland,
Salomea Business Park, remains on hold until market conditions
improve.
Income Statement review
In thousand Euros 2012 2011
Cost Cost
Revenue of sales Revenue of sales
Rental of investment
properties 16,805 (1,365) 16,610 (1,277)
Residential sales 3,259 (2,641) 2,751 (2,090)
Service and management
activity 6,219 (5,297) 7,175 (6,084)
Hotel operation 3,876 (4,203) 3,885 (4,395)
Total 30,159 (13,506) 30,421 (13,846)
Rental activities
Gross rental income was EUR16.8 million for the year ended 31
December 2012, in line with the EUR16.6 million generated during
the year ended 31 December 2011. The decrease in office rental
income was compensated by the Europeum Shopping Centre operating
for the full 12 months in 2012 compared with 2011 as the Centre
opened in April 2011. Revenue from the logistics segment (Airport
City) also increased.
Residential activities
Residential income was EUR3.3 million for the year ended 31
December 2012, compared to EUR2.8 million for the year ended 31
December 2011. The income is attributed to 27 units delivered to
buyers at the Viva Residence project in Prague (2011: 20 units
delivered).
Hotel activities
Marriott Courtyard operations generated hotel sales income of
EUR3.9 million in 2012, unchanged from the previous year (2011:
EUR3.9 million).
Service and management activities
Service and management activities income was EUR6.2 million
representing a decrease of EUR1 million, or 14% from the EUR7.2
million generated during the year ended 31 December 2011. The
decrease is a result of reduced fit-out activity in 2012 compared
to the 2011, when the handover of the Europeum Shopping Centre and
new lettings at Buy Way Dunakeszi generated a one-off turnover.
Net losses on fair value adjustment of investment property
Net loss on the fair value adjustment of investment property for
the year ended 31 December 2012 was EUR74.2 million, compared to a
net gain of EUR17.9 million for the year ended 31 December 2011.
The reasons for the loss is the result of lower valuation of the
investment properties held by the Group, while the gain in 2011 was
solely a result of exchange differences caused by a 11.6% weakening
of the Hungarian Forint and 11.5% weakening of the Polish
Zloty.
Until 31 December 2011 the functional currencies of the Group's
subsidiaries were the respective local currencies, which meant that
valuations nominated in euro were translated into the local
currency. Since 1 January 2012 most project companies that have
investment properties have the euro as functional currency, which
has limited the effect of FX changes in the valuation figures.
Impairment of inventory
Impairment losses on inventory for the year ended 31 December
2012 were EUR12.2 million against an impairment loss of EUR3.2
million for the year ended 31 December 2011. The losses incurred
are due to decreasing comparable values on the Bucharest
residential properties and on the Ritka project.
Impairment of property, plant and equipment
Impairment loss on property, plant and equipment for the year
ended 31 December 2012 was EUR2.1 million. (There were no
impairment gains or losses on property, plant and equipment in the
year ended 31 December 2011).
Sales and marketing expenses
Sales and marketing expenses were EUR0.5 million for the year
ended 31 December 2012, a decrease of EUR0.1 million from EUR0.6
million for the year ended 31 December 2011.
Administrative expenses
Administrative expenses were EUR4.7 million for the year ended
31 December 2012, unchanged from the previous year (EUR4.7 million
for the year ended 31 December 2011).
Net financing expense
Net financing expense was EUR5.8 million for the year ended 31
December 2012, a decrease of EUR29.4 million, compared to the net
financing expenses of EUR35.2 million for the corresponding period
in 2011. The decrease in financial expense is primarily due to
appreciation of the local currencies against the euro, while last
year the local currencies weakened against the euro with the marked
depreciation of 11.6% of the Hungarian Forint. The change of
functional currency from the local currency to the euro has
mitigated the effect of fx changes on the profit or loss of the
Company in general.
Year ended 31 December 2012 2011
Net interest expenses (8.6) (9.2)
Net FX movement 2.9 (25.8)
Other (0.1) (0.2)
------------------------------------- ------ -------
Total net finance income/(expenses) (5.8) (35.2)
Current income tax
Current income tax was EUR0.7 million for the year ended 31
December 2012 an increase of EUR0.4 million from EUR0.3 million for
the year ended 31 December 2011.
Deferred income tax
Deferred tax income was EUR7.3 million for the year ended 31
December 2012, while in the year ended 31 December 2011 it was an
expense of EUR15.3 million. The deferred tax income this year is a
result of the lower valuation of properties.
Statement of financial position review
Investment property
The value of investment property was EUR297.5 million as at 31
December 2012, a decrease of EUR82.1 million or 21.6% from the
EUR379.6 million as at 31 December 2011.
Property, plant and equipment
Property, plant and equipment decreased by EUR1.9 million, from
EUR28.9 million as at 31 December 2011 to EUR27 million as at 31
December 2012.
Long-term inventory
Long-term inventory decreased by EUR18.1 million, from EUR50.5
million as at 31 December 2011 to EUR32.4 million as at 31 December
2012. The decrease is mainly due to further inventory provision on
the Romanian residential purpose land portfolio.
Current assets
Current assets include inventories (in particular, residential
property intended for sale), current receivables (rent receivables,
receivables from property sales and receivables from shareholders)
and other assets, bank balances and cash. Total current assets
decreased by EUR3.1 million, from EUR20.4 million as at 31 December
2011 to EUR17.3 million as at 31 December 2012. The decrease was
due to a EUR2.3 million decrease in inventory (sale of apartments
in the Viva project), a EUR0.4 million decrease in cash and cash
equivalents and a EUR0.4 million decrease in trade and other
receivables.
Non--current liabilities
Non--current liabilities include long--term borrowings from
commercial banks and shareholders, as well as deferred tax
liabilities for future tax obligations. Total non--current
liabilities increased by EUR8.3 million, from EUR155.4 million as
at 31 December 2011 to EUR163.7 million as at 31 December 2012.
Long term borrowings increased by EUR18.1 million, from EUR118.3
million as at 31 December 2011 to EUR136.4 million as at 31
December 2012. The major changes include the prolongation of the
loan with Deutsche Pfandbriefbank on the BC 91, BC 30 and Palmovka
projects, which had a EUR37.2 million balance as at 31 December
2012 for a period up to five years, while the Airport City loan
became short term as it matures on 30 April 2013. The Airport City
loan had a balance of EUR8.1 million as at 31 December 2012.
Deferred tax liability decreased by EUR10 million, from EUR36.3
million as at 31 December 2011 to EUR26.3 million as at 31 December
2012. The decrease in deferred tax liabilities is a result of lower
valuation of properties.
Current liabilities
Current liabilities decreased by EUR27.5 million, from EUR118.9
million as at 31 December 2011 to EUR91.4 million as at 31 December
2012. The major changes include the prolongation of the loan with
Deutsche Pfandbriefbank on the BC 91, BC 30 and Palmovka projects,
which had a EUR37.2 million balance as at 31 December 2012 for a
period up to five years, while the Airport City loan became short
term as it matures on 30 April 2013. The Airport City loan had a
balance of EUR8.1 million as at 31 December 2012.
Cash flow, loans and liquidity
Cash flow
The Group's internal sources of liquidity and cash flow are
generated from rental revenues and the sale of residential
apartments. The Group had a positive operational cash flow of
EUR7.5 million for the year ended 31 December 2012, an improvement
of EUR1.9 million compared to the operational cash flow of EUR5.6
million for the year ended 31 December 2011.
Investing activities produced a EUR2.2 million negative cash
flow (2011: EUR5.3 million negative cash flow).
Financing activities produced a EUR5.7 million negative cash
flow (2011: EUR1.9 million negative cash flow). The loan repayment
decreased by EUR2.8 million in 2012 (2012: EUR8.1 million loan
repaid, 2011: EUR10.9 million loan repaid).
Indebtedness ratios
The Group's loan to equity ratio deteriorated by 62.0 percentage
points to 172.1% as at 31 December 2012, while it was 110.1% as at
31 December 2011. The loan to equity ratio is calculated as total
loan/total equity as shown in the Group's statement of financial
position.
The Group's debt ratio (as measured by debt to total assets)
increased by 11% to stand at 58% as at 31 December 2012, while it
was 47% as at 31 December 2011.
Loan covenants and collaterals
The Group has several loans with covenants, of these, two loans
are in technical breach:
A loan with an outstanding amount of approximately EUR11.7
million as at 31 December 2012 and an expiry date of 31 March 2019)
has a 115% DSCR covenant. The relevant Group company is technically
in breach of this covenant, although the lender has not issued a
default notice.
Another loan with an outstanding amount of approximately EUR35.4
million as at 31 December 2012 and an expiry date of 31 December
2022) has a 71% LTV covenant. The relevant Group company is
technically in breach of this covenant, although the lender has not
issued a default notice. ABLON Group Limited provided EUR3.6
million guarantee to this loan.
Whilst in the past financing banks have agreed to prolong
existing loan facilities, several projects have expired loans and
there is no assurance that the banks will be prepared to prolong
the expired loans or extend existing loan facilities beyond
currently committed maturity dates. In the event a bank is not
willing to extend a project loan and the Group would not pay back
the expiring amounts the bank has the option to call its security.
The loans are secured by underlying project companies' assets and
pledge on shares of the underlying project companies. There are
loans where the securities exceed underlying project companies and
are secured by an additional asset of a different project
company.
Loans granted by the financing banks are not cross
collateralised by ABLON Group Limited except for a loan with an
expiry in 2023, where ABLON Group Limited provided EUR3.6 million
guarantee.
Cross collateral in a form of payment guarantees affect a number
of projects, which are marked accordingly in the portfolio summary
table below.
Portfolio summary
Major financial data of the Group's projects:
Project Project Completed Annualised Occupancy Valuation(2) External Loan Cross
Type Area Gross rate loan expiry Collater-alised
Rent
----------------- -------------
(EUR (%) (EUR million) as
million as at as at at
p.a.)
as at
----------------- -------------
(sq. 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 31-Dec-12
m)
Budapest
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
BC. 99 -
yielding Office 17,300 2.2 2.4 88% 89% 21.0 10.7 30-Sep-15 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
BC. 99 -
development Office - - - - 10.4
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Forgach Office - - - - 2
----------------- ------------- ---------- ---------- ---------- ---------- ---------- -------------
Erzsebet Office - - - - 2.3
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Hightech
Park - yielding Office 2,600 0.1 0.1 52% 43% 2.2 0.5 30-Sep-15 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Hightech
Park -
development Office 12.8 5.0 31-Mar-12 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Fogarasi Office 2,700 0.0 0.4 0% 100% 1.2 1.3 30-Sep-15 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
M3 Office 18,000 0.5 0.5 20% 18% 17.3 11.7 31-Mar-19 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
BC. 91 Office 6,600 0.5 0.7 50% 67% 7.9 10.0 25-Oct-15 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
BC. 30(1) Office 12,900 1.4 1.6 70% 71% 21.3 21.4 25-Oct-15 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Buy-Way
Dunakeszi Retail 21,600 1.1 1.1 81% 64% 12.0 11.8 30-Sep-17 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Buy-Way Soroksar Retail 11,400 0.4 0.4 63% 64% 5.6 6.9 30-Sep-17 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Zoldvaros Residential - - - - 5.4 - No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Gateway Office 35,900 5.5 5.6 88% 92% 68.8 31.1 30-Sep-18 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Europeum Retail 6,500 1.1 1.4 92% 94% 19.1 35.4 31-Dec-22 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Hotel 12,600 - - N/A N/A 23.5
------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Airport City
- yielding(1) Storage 19,600 1.3 1.0 97% 69% 11.4 8.1 30-Apr-13 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Airport City
- development Storage - - - - 4.7
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Airport City
B Storage 6,900 0.4 - 91% - 4.5 1.5 30-Jun-18 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Hold Hotel - - - - 3.1 3.7 30-Sep-12 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Katona Hotel - - - - 2.6 2.6 31-Dec-11 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Nap Hotel - - - - 2.4 2.4 31-Dec-11 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Rosslyn Hotel - - - - 5.0 - No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Newage Office - - - - 4.6 0.9 31-Dec-14 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Rakoczi Retail 800 - - - - 0.8 - No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Total Budapest 175,400 14.5 15.2 74% 70% 272 165
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Prague
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Palmovka(3) Office 4,500 0.3 0.7 45% 95% 6.3 5.8 25-Oct-15 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Meteor -
yielding(1) Office 14,000 2.0 1.9 92% 89% 24.3 11.8 30-Jun-17 Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Meteor -
development Office - - - - 2.9
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
VIVA Residence Residential 14,900 - - - - 6.3 2.7 31-May-13 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
May House Office - - - - 2.5 0.9 31-Dec-12 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Kolben Mixed - - - - 19.6 5.9 30-Sep-12 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Ritka Residential - - - - 4.0 5.6 31-Mar-12 No
----------------
Total Prague 33,400 2.3 2.6 81% 90% 66 33
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Bucharest
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Mogosaia Residential - - - - 5.6 5.0 31-Dec-11 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Timisoara
Av. Residential - - - - 8.2 17.8 31-Dec-11 No
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Pipera 3H Mixed - - - - 2.0 - Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Pipera 4H Mixed - - - - 8.0 - Yes
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Airport City Mixed - - - - 5.3 - No
Otopeni
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Vlad Tepes Office - - - - 2.0 - No
----------------
Total Bucharest - - - - 31 23 -
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Poland
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Salomea - Office - - - - 2.5 No
Warsaw
----------------- ------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Total Poland - - - - 3
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Total Group 208,800 16.8 17.8 74% 73% 372 221
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Non-controlling
interest (2.0)
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
Total Group
without non-controlling
interest 370
-------------------------------- ---------- ---------- ---------- ---------- ---------- ------------- --------- ---------- ----------------
(1) Offices and storages in own use are included in the
annualised rental income of BC 30, Meteor and Airport City,
contributing to a total annualised gross rent of EUR0.2 million
p.a. as at 31.12.2012 (31.12.2011: EUR0.3 million).
(2) The valuations are based on the appraisal reports conducted
by Colliers International. The fair value of the subject properties
are determined by using the income approach (term & reversion
approach + discounted cash flow calculation for the vacant areas
and/or for the indefinite-term leases) and applied the sales
comparison approach for development lands.
(3) On 31 December 2012 the occupancy was 96% with EUR0.8
million annualised gross rent, due to a substantial tenant leave on
that day the annualised gross rent of the following day is
shown.
Summary table for yielding rental properties:
Segment Completed Annualised Occupancy Valuation Valuation
Area Gross Rent rate
(EUR million (%) as at (EUR
p.a.) as at million)
(sq. 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11 31-Dec-12 31-Dec-11
m)
---------------- ---------- ---------- ---------- ---------- ----------
Budapest
office 96,000 10.2 11.3 67% 72% 139.7 164.5
---------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Budapest
retail 40,300 2.6 2.9 76% 68% 36.7 53.0
---------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Budapest
storage 26,500 1.7 1.0 95% 69% 15.9 14.7
---------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Prague
office 18,500 2.3 2.6 81% 90% 30.6 31.6
Total yielding 181,300 16.8 17.8 74% 73% 222.9 263.8
---------------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Area summary of the Group's projects as at 31 December 2012:
Project Project Completed Under Planned Building Surface
Type construction permit area
---------------------- -------------
GLA (sq.m.)
(sq.
m)
---------------------- -------------
Budapest
---------------------- ------------- ---------- -------------- ---------- --------- --------
BC. 99 - yielding Office 17,300 12,676
---------------------- ------------- ---------- -------------- ---------- --------- --------
BC. 99 - development Office 27,400 27,400
---------------------- ------------- ---------- -------------- ---------- --------- --------
Forgach Office 8,700 8,700 3,335
---------------------- ------------- ---------- -------------- ---------- --------- --------
Erzsebet Office 17,900 17,900 6,904
---------------------- ------------- ---------- -------------- ---------- --------- --------
Hightech Park
- yielding Office 2,600 78,370
---------------------- ------------- ---------- -------------- ---------- --------- --------
Hightech Park
- development Office 142,900 31,300
---------------------- ------------- ---------- -------------- ---------- --------- --------
Fogarasi Office 2,700 632
---------------------- ------------- ---------- -------------- ---------- --------- --------
M3 Office 18,000 9,511
---------------------- ------------- ---------- -------------- ---------- --------- --------
BC. 91 Office 6,600 2,431
---------------------- ------------- ---------- -------------- ---------- --------- --------
BC. 30 Office 12,900 2,677
---------------------- ------------- ---------- -------------- ---------- --------- --------
Buy-Way Dunakeszi Retail 21,600 3,700 63,794
---------------------- ------------- ---------- -------------- ---------- --------- --------
Buy-Way Soroksar Retail 11,400 39,240
---------------------- ------------- ---------- -------------- ---------- --------- --------
Zoldvaros Residential 29,200 29,200 18,399
---------------------- ------------- ---------- -------------- ---------- --------- --------
Gateway Office 35,900 11,255
---------------------- ------------- ---------- -------------- ---------- --------- --------
Europeum Retail 6,500 3,632
---------------------- ------------- ---------- -------------- ---------- --------- --------
Hotel 12,600
------------------------------------ ---------- -------------- ---------- --------- --------
Airport City
- Building
B,C Storage 19,600 117,150
---------------------- ------------- ---------- -------------- ---------- --------- --------
Airport City
Building H Storage 6,900
---------------------- ------------- ---------- -------------- ---------- --------- --------
Airport City
- development Storage 44,700 40,300
---------------------- ------------- ---------- -------------- ---------- --------- --------
Hold Hotel 6,800 6,800 1,507
---------------------- ------------- ---------- -------------- ---------- --------- --------
Katona Hotel 6,000 6,000 1,442
---------------------- ------------- ---------- -------------- ---------- --------- --------
Nap Hotel 5,100 5,100 1,581
---------------------- ------------- ---------- -------------- ---------- --------- --------
Rosslyn Hotel 5,500 5,500 1,037
---------------------- ------------- ---------- -------------- ---------- --------- --------
Newage Office 13,700 13,700 4,270
---------------------- ------------- ---------- -------------- ---------- --------- --------
Rakoczi Retail 800
---------------------- ------------- ---------- -------------- ---------- --------- --------
Total Budapest 175,400 311,600 191,900
------------------------------------- ---------- -------------- ---------- --------- --------
Prague
---------------------- ------------- ---------- -------------- ---------- --------- --------
Palmovka Office 4,500 1,015
---------------------- ------------- ---------- -------------- ---------- --------- --------
Meteor - yielding Office 14,000 7,506
---------------------- ------------- ---------- -------------- ---------- --------- --------
Meteor - development Office 6,100 6,100
---------------------- ------------- ---------- -------------- ---------- --------- --------
VIVA Residence(4) Residential 14,900 14,637
---------------------- ------------- ---------- -------------- ---------- --------- --------
May House Office 8,200 8,200 2,043
---------------------- ------------- ---------- -------------- ---------- --------- --------
Kolben Mixed 82,700 55,841
---------------------- ------------- ---------- -------------- ---------- --------- --------
Ritka Residential 50,800 394,701
---------- --------
Total Prague 33,400 147,800 14,300
------------------------------------- ---------- -------------- ---------- --------- --------
Bucharest
---------------------- ------------- ---------- -------------- ---------- --------- --------
Mogosaia Residential 79,200 93,753
---------------------- ------------- ---------- -------------- ---------- --------- --------
Timisoara Av. Residential 152,800 61,100 40,994
---------------------- ------------- ---------- -------------- ---------- --------- --------
Pipera 3H Mixed 97,300 33,650
---------------------- ------------- ---------- -------------- ---------- --------- --------
Pipera 4H Mixed 115,800 39,788
---------------------- ------------- ---------- -------------- ---------- --------- --------
Airport City
Otopeni Mixed 215,200 8,200 133,254
---------------------- ------------- ---------- -------------- ---------- --------- --------
Vlad Tepes Office 9,800 9,800 1,844
---------- --------- --------
Total Bucharest 670,100 79,100
------------------------------------- ---------- -------------- ---------- --------- --------
Poland
---------------------- ------------- ---------- -------------- ---------- --------- --------
Salomea - Warsaw Office 35,000 24,523
---------- ---------
Total Poland 0 0 35,000 0
------------------------------------- ---------- -------------- ---------- --------- --------
Total Group 208,800 0 1,164,500 285,300
------------------------------------- ---------- -------------- ---------- --------- --------
(4) Viva apartments was handed over with 14,900 sqm salesable
area, following sales activity the saleable area stood at 5,508 sqm
as at 3 December 2012
Dividend Policy
The Company has adopted a dividend policy that will reflect
long-term earnings and cash flow potential while at the same time
maintaining both prudent dividend cover and adequate capital
resources within the business.
As a result of continued uncertainty in the economic outlook of
the Group's markets, the Board of Directors of the Company has
decided it would not be prudent to recommend the payment of a
dividend.
This approach supports the Company's initiatives to preserve
cash during the current challenging market environment. The Board
of Directors of the Company believes that shareholders' interests
will be better served by retaining the Group's cash to improve its
working capital position. The Company cannot at this stage indicate
when it will pay its next dividend.
Disclosure of information to auditors
So far as each of the Directors is aware, there is no relevant
audit information of which the Company's auditor is unaware, and
each of the Directors has taken all the steps required to have been
taken as a Director to make himself aware of any relevant audit
information and to establish that the Company's auditor is aware of
that information.
Directors during the period:
Alex Borrelli appointed 15/03/2010 - Current Director
Wolfhard Fromwald appointed 5/12/2012 - Current Director
Adrienn Lovro appointed 25/02/2010 - Current Director
Gerald Williams appointed 02/01/2007 - resigned 24/01/2012 -
Director,
Uri Heller appointed 16/10/2006 - removed 05/12/2012 -
Director
Mordechai Bignitz appointed 26/08/2010 - Director (removed
31/01/2013)
Saydam Salaheddin appointed 12/10/2012 - Director (removed
31/01/2013)
Marek Modecki appointed 5/12/2012 - Director (removed
01/02/2012)
Statement of Directors' responsibilities
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law they have
elected to prepare the financial statements in accordance with
International Financial Reporting Standards and applicable law.
The financial statements are required by law to give a true and
fair view of the state of affairs of the Group and of the profit or
loss of the Group for that period.
In preparing these financial statements, the Directors are
required to:
n select suitable accounting policies and then apply them
consistently;
n make judgments and estimates that are reasonable and
prudent;
n state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
n prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group will continue
in business.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time the
financial position of the Group and to enable them to ensure that
the financial statements comply with The Companies (Guernsey) Law,
2008. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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