| Tue 7 Aug 2012, 18:04 | | *EP: NEP: Condensed consolidated unaudited financi |
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EP: NEP: Condensed consolidated unaudited financia...
NEP: Condensed consolidated unaudited financia...
Condensed consolidated unaudited financial statements for the six months ended 30 June 2012 and trading statement
NEPI NEW EUROPE PROPERTY INVESTMENTS PLC
Incorporated and registered in the Isle of Man with registered number
001211V
Registered as an external company with limited liability under the laws of
South Africa
Registration number 2009/000025/10
AIM share code: NEPI
BVB share code: NEP
JSE share code: NEP
ISIN: IM00B23XCH02
("NEPI", "the Group" or "the Company")
CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS
ENDED 30 JUNE 2012 AND TRADING STATEMENT FOR THE SIX MONTHS ENDING
31 DECEMBER 2012
DIRECTORS´ COMMENTARY
1 DISTRIBUTABLE EARNINGS AND APPROVAL OF DIVIDEND
The Group has achieved distributable earnings of 15.8 euro cents per share
for the six months ended 30 June 2012. This is as a result of continued
strong performances of the Group´s assets, the favourable acquisition made
by the Group of the City Business Centre in Timisoara, Romania in February
2012, additional rental income generated due to the re-developments in
Brasov and Pitesti that were completed in December 2011 and a settlement
with the vendors of Promenada Mall.
The Board resolved to limit the half-year distribution to 11.24 euro cents
per share (the recurring portion is 10.12 euro cents per share) in respect
of the six-month period ended 30 June 2012. This is an improvement of 15%
over the 9.77 euro cents per share distributed for the comparable prior
interim period.
The vendor settlement generated EUR7.1 million in non-recurring
distributable income. The total value of retained distributable earnings
(including retained distributable earnings carried over from the 2011
financial year) after the half-year distribution amounts to EUR10.1 million.
This amount will be considered for distribution when the Group pursues
property developments. Developments have a positive impact on per share
distributions, once completed. During the construction period, however,
developments are yield dilutionary as interest capitalised on working
capital is at the Group´s average cost of finance.
2 OPTION TO RECEIVE CAPITAL RETURN
Given the Group´s ongoing development and acquisition programme, and
following requests from shareholders, the Board explored alternatives to
cash distributions to shareholders. As a result, the Board has resolved to
offer shareholders the option to receive the 11.24 euro cents per share
distribution as a cash dividend or to receive a return of capital by way
of an issue of new shares credited as fully paid up at a ratio of three
new shares for each 100 shares held in respect of the six months ended 30
June 2012, the latter being subject to the adoption of the proposed
amendments to the Company´s articles of association at the Company´s
extraordinary general meeting on 24 August 2012. Pending approval by the
relevant exchanges, a circular that contains details of the election,
accompanied by an announcement on SENS, RNS and the BVB, will be issued in
due course.
3 RETAIL PROPERTY ACQUISITIONS, EXTENSIONS AND DEVELOPMENTS
Promenada Mall Braila
The expansion of the fashion offering referred to in NEPI´s 2011 annual
report was completed on 10 May 2012 with the opening of H&M and C&A. A
further expansion phase to accommodate demand from additional
international fashion tenants is being considered.
Ploiesti Shopping City
The construction of the Ploiesti Shopping City is advancing as planned
with the opening of the first phase scheduled for 15 November 2012. Lease
agreements have been signed with 66 tenants for the first phase of the
Carrefour Hypermarket extension with tenants including Altex, Bamboo,
Bershka, Cinema City, Douglas, Fishbone, H&M, Intersport, Leonardo,
Massimo Dutti, Nescafe, New Yorker, Office Shoes, Orsay, Paul, Pull and
Bear, Quasi Pronti, Reserved, Segafredo, Stradivarius, Swarovski,
Vodafone, Yves Rocher and Zara. A number of further lease agreements are
being finalised and as a result, the centre is expected to be fully
tenanted on the opening date.
Brasov Shopping City
As announced in June 2012 the Group finalised the purchase and leaseback
of a retail box (including additional land) from Mobexpert, the leading
Romanian furniture retailer. The acquired properties are adjacent to the
Group´s recently re-developed strip mall and the Carrefour hypermarket in
Brasov, Romania. The Group intends to re-develop the combined properties
into a regional mall, in partnership with Carrefour Property. The project
is subject to board and planning approvals being obtained. Initial tenant
discussions have confirmed strong demand for the project. The development
is planned in two phases, with the construction of the first phase
expected to commence prior to the year-end.
Vulcan Value Centre
As announced in June 2012 the Group entered into a joint venture to
acquire and develop a former factory site located in an under serviced and
densely populated area of Bucharest. The site has good vehicular and
public transport access. The proposal is to develop a value centre
anchored by a hypermarket on the site. Various prospective tenants
(including three hypermarket groups) have shown strong interest in the
proposed development and substantial preparation work has been completed
in order to apply for a building permit once the zoning approval (PUZ) is
issued. Construction will commence when the required building permit has
been obtained, which should be prior to the year-end.
4 OFFICE PROPERTY ACQUISITIONS, EXTENSIONS AND DEVELOPMENT
City Business Centre
As reported in the 2011 Annual Report, the Group has acquired City
Business Centre in Timisoara effective 1 January 2012. The Group acquired
three existing office buildings with a rentable area of some 27,250 m2
which are tenanted mainly by multinationals. The Group has also committed
to purchase two additional buildings which are in the process of being
developed. The first of these buildings is expected to be completed by
September 2012. More than 60% of this building has been leased to date.
Cluj office development
The Group has acquired an 18,082 m2 plot of land, in the city centre of
Cluj Napoca (Cluj) in a joint venture with Mr. Ovidiu Sandor (the
developer of City Business Centre) with a view to developing, in three
phases, up to 52,000 m2 of rentable A class offices. Cluj is situated in
the north-western part of Romania and is the second largest city in
Romania by population. The city houses the headquarters of a number of
multinational companies and the city is also an important centre for
tertiary education. The planning approvals process for the project is
underway and the construction works are expected to commence by November
this year. The first phase of the development should be completed by
spring 2014.
5 DISPOSALS
Retail Park Auchan Pitesti
As announced on 3 August 2012, the Group entered into agreements with the
Auchan group to sell the hypermarket section of Retail Park Auchan Pitesti
for a total consideration of approximately EUR28.7 million as against a book
value of EUR21 million. The transaction, which is subject to a number of
conditions precedent, is expected to conclude early in 2013.
6 CASH MANAGEMENT AND DEBT
The Company raised an aggregate of EUR66 million through a vendor placement
and two private placements during the six month period. The Group will
retain high levels of access to liquidity due to the instability of the
European banking markets and to finance the Group´s development pipeline.
A portion of the cash held for capital commitments has been invested in
liquid dividend-paying listed property shares such as Unibail-Rodamco,
Klepierre, VastNed Retail, Corio and Eurocommercial Properties. The total
investment exposure in listed securities amounted to EUR52 million as at 30
June 2012 and is expected to achieve a net dividend return of
approximately 7% in per annum. As at 30 June 2012 and at the date of this
report, the listed securities traded at a premium to their initial
acquisition cost.
The Group has renewed its EUR9.5 million secured revolving facility with
UniCredit Bank. The facility carries an interest rate of 1 month Euribor
plus 4.0% and matures on 31 May 2013 when, at the Group´s option, the
facility is convertible into a term loan repayable on 31 December 2014.
The facility remains undrawn as at 30 June 2012.
A construction loan of EUR33.5 million has been obtained from BRD (a
subsidiary of Societe Generale) in July 2012 for the development of
Ploiesti Shopping City. NEPI and Carrefour Property each own 50% of this
project; therefore, the Group accounts for 50% of the loan. Upon
completion of construction, the construction loan can be converted into an
investment loan and the total loan amount increased to EUR40 million,
repayable in 10 years. The construction loan carries an interest rate of 3
month Euribor plus 4.5%, while the investment loan will carry an interest
rate of 3 month Euribor plus 4.0%.
7 PROSPECTS AND TRADING STATEMENT FOR THE SIX MONTHS ENDING 31 DECEMBER
2012
NEPI´s property portfolio continues to perform well supported by the
length of its lease profile and tenants with strong corporate covenants.
The Group is actively pursuing further acquisition and development
opportunities and will make further announcements in this regard as
appropriate.
In terms of the Listing Requirements of the JSE Limited, property entities
are required to publish a trading statement as soon as they are satisfied
that a reasonable degree of certainty exists that the distribution for the
period to be reported upon next will differ by at least 15% from the
distribution for the previous corresponding period. Accordingly,
shareholders are advised that NEPI anticipates that the dividend per share
for the six months ending 31 December 2012 will be 15% higher than for the
six months ended 31 December 2011. The financial results on which this
trading statement is based have not been reviewed or reported on by NEPI´s
external auditors.
By order of the Board
Martin Slabbert
Chief Executive Officer
Victor Semionov
Finance Director
7 August 2012
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
ASSETS
Non-current assets 472 935 719 362 404 369 345 483 741
Investment property 407 185 213 341 802 837 321 839 207
Investment property at fair value 385 810 319 316 393 495 307 077 251
Investment property under
development 21 374 894 25 409 342 14 761 956
Goodwill 13 938 637 13 351 499 13 849 887
Other long term assets 14 387 551 6 213 458 6 087 664
Financial assets at fair value
through profit or loss 37 424 318 1 036 575 3 706 983
Current assets 59 305 817 62 816 541 39 578 986
Trade and other receivables 9 557 392 7 751 441 4 139 975
Cash and cash equivalents 49 748 425 55 065 100 35 439 011
Total assets 532 241 536 425 220 910 385 062 727
EQUITY AND LIABILITIES
Total equity attributable to
equity holders 311 905 776 235 258 940 190 900 189
Share capital 1 166 048 955 693 808 328
Share premium 293 035 978 227 844 770 188 019 113
Share-based payment reserve 14 004 458 7 456 257 7 179 934
Currency translation reserve (2 276 952) (2 650 522) (3 108 678)
Accumulated profit/(loss) 5 976 244 1 652 742 (1 998 508)
Total liabilities 220 335 760 189 961 970 194 162 538
Non-current liabilities 196 379 106 174 098 216 181 677 497
Loans and borrowings 171 837 475 156 629 879 165 139 885
Deferred tax liabilities 18 937 397 15 086 152 15 586 362
Financial liabilities at fair value
through profit or loss 5 604 234 2 382 185 951 250
Current liabilities 23 956 654 15 863 754 12 485 041
Trade and other payables 5 202 296 5 251 265 5 143 621
Loans and borrowings 16 023 948 8 235 659 5 114 911
Tenant deposits 2 730 410 2 376 830 2 226 509
Total equity and liabilities 532 241 536 425 220 910 385 062 727
Net asset value per share 2.59 2.41 2.30
Adjusted net asset value per share 2.63 2.43 2.33
ABRIDGED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Cash flows from operating
activities* 19 084 308 17 186 867 8 755 571
Cash flows from financing
activities 49 056 325 38 246 038 11 708 126
Cash flows from investing
activities (72 805 525) (24 164 735) (8 955 636)
Net increase in cash and cash
equivalents (4 664 892) 31 268 170 11 508 061
Cash and cash equivalents
brought forward 55 065 100 23 847 282 23 847 282
Translation effect on cash and
cash equivalents (651 783) (50 352) 83 668
Cash and cash equivalents 49 748 425 55 065 100 35 439 011
oIncludes interest paid on bank borrowings amounting to EUR4 186 538 for the
six months ended 30 June 2012, EUR7 649 493 for the year ended 31 December
2011 and EUR3 947 973 for the six months ended 30 June 2011.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based
Share Share payment
capital premium reserve
Group unaudited EUR EUR EUR
Opening balance 1 January 2011 712 686 159 308 324 759 550
Transactions with owners 95 642 28 710 789 6 420 384
- Issue of shares 95 642 28 734 126 -
- Issue cost recognised to equity - (23 337) -
- Share-based payment reserve - - 6 420 384
- Dividend distribution - - -
Total comprehensive income - - -
- Other comprehensive income - - -
- Profit for the period - - -
Balance at 30 June 2011 808 328 188 019 113 7 179 934
Opening balance 1 July 2011 808 328 188 019 113 7 179 934
Transactions with owners 147 365 39 825 657 276 323
- Issue of shares 147 365 41 180 619 -
- Issue cost recognised to equity - (1 354 962) -
- Share-based payment reserve - - 276 323
- Dividend distribution - - -
Total comprehensive income - - -
- Other comprehensive income - - -
- Profit for the period - - -
Balance at 31 December 2011 955 693 227 844 770 7 456 257
Opening balance 1 January 2012 955 693 227 844 770 7 456 257
Transactions with owners 210 355 65 191 208 6 548 201
- Issue of shares 210 355 65 296 116 -
- Issue cost recognised to equity - (104 908) -
- Share-based payment reserve - - 6 548 201
- Dividend distribution - - -
Total comprehensive income - - -
- Other comprehensive income - - -
- Profit for the period - - -
Balance at 30 June 2012 1 166 048 293 035 978 14 004 458
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
Currency
translation Accumulated
reserve profit/(loss) Total
Group unaudited EUR EUR EUR
Opening balance 1 January 2011 (2 964 825) (2 728 709) 155 087 026
Transactions with owners - (6 431 499) 28 795 316
- Issue of shares - - 28 829 768
- Issue cost recognised to equity - - (23 337)
- Share-based payment reserve - - 6 420 384
- Dividend distribution - (6 431 499) (6 431 499)
Total comprehensive income (143 853) 7 161 700 7 017 847
- Other comprehensive income (143 853) - (143 853)
- Profit for the period - 7 161 700 7 161 700
Balance at 30 June 2011 (3 108 678) (1 998 508) 190 900 189
Opening balance 1 July 2011 (3 108 678) (1 998 508) 190 900 189
Transactions with owners - (7 958 796) 32 290 549
- Issue of shares - - 41 327 984
- Issue cost recognised to equity - - (1 354 962)
- Share-based payment reserve - - 276 323
- Dividend distribution - (7 958 796) (7 958 796)
Total comprehensive income 458 156 11 610 046 12 068 202
- Other comprehensive income 458 156 - 458 156
- Profit for the period - 11 610 046 11 610 046
Balance at 31 December 2011 (2 650 522) 1 652 742 235 258 940
Opening balance 1 January 2012 (2 650 522) 1 652 742 235 258 940
Transactions with owners - (10 054 366) 61 895 398
- Issue of shares - - 65 506 471
- Issue cost recognised to equity - - (104 908)
- Share-based payment reserve - - 6 548 201
- Dividend distribution - (10 054 366) (10 054 366)
Total comprehensive income 373 570 14 377 868 14 751 438
- Other comprehensive income 373 570 - 373 570
- Profit for the period - 14 377 868 14 377 868
Balance at 30 June 2012 (2 276 952) 5 976 244 311 905 776
BANK LOANS AND BORROWINGS AS AT 30 JUNE 2012
Available
Facility Outstanding for
amount amount drawdown
Borrower EUR EUR EUR
Nepi Bucharest One SRL 6 200 000 6 200 000 -
General Investment SRL 15 000 000 8 142 994 -
Nepi Bucharest Two SRL and Unique
Delamode SRL 9 500 000 - 9 500 000
Premium Portfolio 13 995 000 13 216 988 -
Promenada Mall 40 000 000 38 922 174 -
Retail Park Auchan Pitesti 28 813 000 27 365 146 -
Floreasca Business Park 77 000 000 65 132 121 -
City Business Centre 10 577 586 10 343 600 -
City Business Centre 10 836 177 10 611 648 -
City Business Centre 7 872 995 7 742 574 -
BANK LOANS AND BORROWINGS AS AT 30 JUNE 2012 (CONTINUED)
Borrower Interest rate Hedge
Nepi Bucharest One SRL 1M Euribor+4.5% 1M Euribor capped at 2%
General Investment SRL Fixed at 6.23% -
Nepi Bucharest Two SRL and
Unique Delamode SRL 1M Euribor+4% 1M Euribor capped at 2%
Premium Portfolio Fixed at 5.17% -
Promenada Mall 3M Euribor+3.0% 3M Euribor swapped at 1.8%
Retail Park Auchan Pitesti 1M Euribor+4.0% 1M Euribor capped at 2%
Floreasca Business Park 3M Euribor+2.5% 3M Euribor swapped at 1.79%
City Business Centre 1M Euribor+1.75% 1M Euribor swapped at 1.93%
City Business Centre 1M Euribor+1.75% 1M Euribor capped at 2%
City Business Centre 1M Euribor+4.0% 1M Euribor capped at 2%
BANK LOANS AND BORROWINGS REPAYMENT PROFILE
2012 2013 2014
Borrower EUR EUR EUR
Nepi Bucharest One SRL - 6 200 000 -
General Investment SRL 593 222 1 251 124 6 298 648
Nepi Bucharest Two SRL and Unique
Delamode SRL - - -
Premium Portfolio 127 177 334 551 12 755 260
Promenada Mall 1 077 827 2 155 653 35 688 694
Retail Park Auchan Pitesti 907 610 1 899 256 2 084 140
Floreasca Business Park 1 502 526 63 629 595 -
City Business Centre 591 951 1 218 105 1 265 202
Total 4 800 313 76 688 284 58 091 944
BANK LOANS AND BORROWINGS REPAYMENT PROFILE (CONTINUED)
2016 and
2015 beyond Total
Borrower EUR EUR EUR
Nepi Bucharest One SRL - - 6 200 000
General Investment SRL - - 8 142 994
Nepi Bucharest Two SRL and Unique
Delamode SRL - - -
Premium Portfolio - - 13 216 988
Promenada Mall - - 38 922 174
Retail Park Auchan Pitesti 22 474 140 - 27 365 146
Floreasca Business Park - - 65 132 121
City Business Centre 1 314 149 24 308 415 28 697 822
Total 23 788 289 24 308 415 187 677 245
CONSOLIDATED STATEMENT OF INCOME
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Net rental and related income 14 713 551 23 727 203 11 996 800
Contractual rental income and
expense recoveries 19 104 741 32 069 075 16 184 734
Property operating expenses (4 391 190) (8 341 872) (4 187 934)
Share-based payment expense (872 241) (1 041 647) (440 384)
Foreign exchange (loss)/gain (2 106 142) (475 883) 227 552
Administrative expenses (1 727 458) (2 023 349) (813 007)
Fair value adjustment of
investment property and
goodwill - 3 010 852 -
Profit before net finance expense 10 007 710 23 197 176 10 970 961
Net finance expense 5 511 091 (4 925 640) (3 809 261)
Finance income 11 099 548 6 253 858 143 453
Finance expense (5 588 457) (11 179 498) (3 952 714)
Profit before tax 15 518 801 18 271 536 7 161 700
Tax (1 140 933) 500 210 -
Profit for the period
attributable to equity holders 14 377 868 18 771 746 7 161 700
Weighted average number of shares
in issue 105 639 309 78 659 834 75 963 602
Diluted weighted average number
of shares in issue 110 853 546 84 264 285 81 628 632
Basic weighted average earnings
per share (euro cents) 13.61 23.86 9.43
Diluted weighted average earnings 8.77
per share (euro cents) 12.97 22.28
Distributable earnings per share
(euro cents) 15.80 24.67 9.77
Headline earnings per share
(euro cents) 13.61 20.04 9.43
Diluted headline earnings per
share (euro cents) 12.97 18.70 8.77
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Profit for the period
attributable 14 377 868 18 771 746 7 161 700
to equity holders
Unrealised foreign exchange
loss/(gain) 2 106 142 475 883 (227 552)
Acquisition fees 777 050 - -
Share-based payment fair value
adjustment 872 241 1 041 647 440 384
Accrued interest on share-based
payments 297 352 685 186 338 206
Fair value adjustment on
investment property and
goodwill - (3 010 852) -
Financial assets at fair value 1 759 386 4 263 016 23 166
Accrued dividend from listed
securities investments 382 930 - -
Amortisation of financial assets (393 301) (972 520) (464 722)
Deferred tax expense/(income) 1 140 933 (500 210) -
Shares issued cum distribution 1 641 985 2 323 347 1 022 551
Non-distributable portion of the
vendor settlement income (3 144 561) - -
Distributable earnings for the
period 19 818 025 23 077 243 8 293 733
Less: dividends declared (14 101 923) (18 689 531) (8 293 733)
Earnings not distributed 5 716 102 4 387 712 -
Number of shares entitled to
distribution 125 461 951 99 196 545 84 910 831
Distributable earnings per share
for the period (euro cents) 15.80 24.67 9.77
Less: dividends declared
(euro cents) (11.24) (20.25) (9.77)
Earnings per share not
distributed (euro cents) 4.56 4.42 -
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Profit for the period attributable
to equity holders 14 377 868 18 771 746 7 161 700
Other comprehensive income
- currency translation differences 373 570 314 303 (143 853)
Total comprehensive income for
the period 14 751 438 19 086 049 7 017 847
RECONCILIATION OF PROFIT FOR THE PERIOD TO HEADLINE EARNINGS
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Profit for the period attributable
to equity holders 14 377 868 18 771 746 7 161 700
Fair value adjustment of
investment property and goodwill - (3 010 852) -
Headline earnings 14 377 868 15 760 894 7 161 700
RECONCILIATION OF NET ASSET VALUE TO ADJUSTED NET ASSET VALUE
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Adjusted net asset value 329 492 038 249 738 983 206 385 100
Net asset value per the statement
of financial position 311 905 776 235 258 940 190 900 189
Loans in respect of the Initial
Share Scheme 12 587 502 12 745 390 13 748 436
Deferred tax liabilities 18 937 397 15 086 152 15 586 362
Goodwill (13 938 637) (13 351 499) (13 849 887)
Net asset value per share 2.59 2.41 2.30
Adjusted net asset value
per share 2.63 2.43 2.33
Number of shares for net assets
value per share purposes 120 247 714 97 569 456 82 832 949
Number of shares for adjusted net
assets value per share purposes 125 461 951 102 783 693 88 497 979
LEASE EXPIRY PROFILE
Total based Total based
Year on rental on rented
income area
2012 0.4% 0.3%
2013 2.9% 2.5%
2014 14.3% 12.2%
2015 19.4% 14.2%
2016 9.4% 6.5%
2017 7.8% 6.4%
2018 4.5% 2.4%
2019 1.4% 1.1%
2020 2.2% 2.2%
>=2021 37.7% 52.2%
Total 100% 100%
SEGMENTAL ANALYSIS
Unaudited Audited Unaudited
30 Jun 12 31 Dec 11 30 Jun 11
EUR EUR EUR
Contractual rental income and
expense recoveries
Retail 8 691 835 14 848 471 7 437 887
Industrial 944 358 1 830 940 906 069
Office 9 468 548 15 389 664 7 840 778
Total 19 104 741 32 069 075 16 184 734
Profit before net finance expense
Retail 5 254 523 13 180 639 6 232 174
Industrial 755 542 1 097 525 775 367
Office 5 675 108 9 766 528 4 989 415
Corporate (1 677 463) (847 516) (1 025 995)
Total 10 007 710 23 197 176 10 970 961
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
BASIS OF PREPARATION
These condensed consolidated unaudited interim financial results have been
prepared in accordance with the recognition and measurement criteria of
the International Financial Reporting Standards ("IFRS") and its
interpretations adopted by the International Accounting Board ("IASB").
The accounting policies which have been applied are consistent with those
used in the preparation of the annual financial statements for the year
ended 31 December 2011. These condensed consolidated interim financial
results have not been reviewed or reported on by the Company´s external
auditors.
INVESTMENT PROPERTY
Investment properties are those held either to earn rental income or for
capital appreciation or both. After initial recognition, investment
properties are measured at fair value. Fair value is determined annually
by external independent professional valuers with appropriate and
recognised professional qualifications and recent experience in the
location and category of property being valued.
INTERIM DIVIDEND
As detailed in the Directors´ commentary, the Board has resolved, subject
to the adoption of the proposed amendments to the Company´s articles of
association at the Company´s extraordinary general meeting on 24 August
2012, to offer to shareholders the election to receive a cash dividend or
a return of capital by way of an issue of new shares credited as fully
paid up. Pending the approval by the relevant exchanges, a circular that
contains details of the election, accompanied by an announcement on SENS,
RNS and the BVB, will be issued in due course.
Registered office
2nd Floor, Anglo International House, Lord Street, Douglas, Isle of Man,
IM1 4LN
Transfer secretaries and settlement agent
Computershare Investor Services (Proprietary) Limited, 70 Marshall Street,
Johannesburg, 2001, South Africa (PO Box 61051, Marshalltown, 2107, South
Africa)
Computershare Investor Services (Jersey) Limited, 2nd floor, Queensway
House, Hilgrove Street, St Helier, JE1 1ES, Jersey
Directors
Dan Pascariu (Chairman)*, Desmond de Beer#, Michael Mills*, Dewald
Joubert*, Jeffrey Zidel*, Victor Semionov (Finance director), Martin
Slabbert (Chief executive officer) *Independent non-executive director
#Non-executive director
For further information please contact
New Europe Property Investments plc Martin Slabbert +40 74 432 8882
Nominated Adviser and Broker
Smith & Williamson Corporate Finance Limited +44 20 7131 4000
JSE Sponsor
Java Capital +27 11 283 0042
Romanian Advisor
SSIF Intercapital Invest SA Razvan Pasol +40 21 222 8731
Date: 07/08/2012 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect
2012-08-07 17:45:00 Source: JSE News Service (SENS)
