24th September 2008

Full year end results for 12 months to 31 March 2008

Highlights

  • Company became fully invested over period taking total property acquisitions, including costs, to €1.065bn
  • Annualised rental income currently stands at €70.4m against total interest and amortisation charges of €50.4m
  • Rental income set to continue rising reflecting both high proportion of index-linked tenant leases and long term fixed rate debt
  • 70%+ of rent roll derived from leading international and national companies
  • Year end valuation shows modest decline to €1.007bn which includes write-down of value attributed to tax-efficient corporate structures
  • Company produced operating surplus of approximately €10.9m before non-cash write-downs
  • Following year end valuation average loans to value stood at 84.9% against agreed average loan to value covenant across portfolio of 88.1%
  • Net asset value per share declined to 70.07 cents against 97.82 cents
  • Pre-tax loss of  €63.3m reflecting valuation write-downs and marking to market of interest rate swaps
  • In current conditions Board to conserve cash reserves and not pay further interim dividend.

“The next 12 months are likely to be challenging, and with that in mind the Board continues to review its options to add shareholder value, but in the meantime we have the benefit of both robust cash flow and high quality assets,” Derek Butler, Chairman.

Contact:

Derek Butler, Chairman, Develica Deutschland.
Tel: 020 7016 1860

Baron Phillips, Baron Phillips Associates.
Tel: 020 7920 3161

Philip Secrett, Grant Thornton UK LLP.
Tel:  020 7728 2578

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