TIDMBML
RNS Number : 2656N
Balmoral International Land PLC
31 August 2011
Balmoral interims in line with trading outlook
Balmoral International Land plc has released its interim results
for the six months to 30 June 2011.
Key Points:
-- Summary of movements in net assets:
6 months 6 months
to to
30 June 2011 30 June 2010
EURm EURm
Net rental income 5.8 6.8
Finance costs (excluding foreign
exchange) (2.3) (3.2)
Administration costs (1.9) (2.0)
Net operating income 1.6 1.6
Fair value adjustments:
Wholly/majority owned property (6.1) (6.4)
Equity accounted investees (0.4) (0.7)
Translation effect of foreign exchange
(net) 1.5 (2.4)
Income tax - 1.4
Movement in net assets (3.4) (6.5)
-- Net assets per share at the half year were EUR0.0453 compared
to EUR0.0514 at 31 December 2010. This outcome is in line with the
company's outlook statement issued with the EGM circular on 2
August 2011.
Commenting on the results, Balmoral International Land plc
chairman, Carl McCann, said:
"Despite some signs of a recovery in activity in some market
segments and geographies toward the end of 2010, the first six
months of 2011 continued to be challenging for the property sector.
Further declines in values were recorded in Ireland, though these
were partially offset by some improvements in the UK and a
generally unchanged position on the Continent."
Balmoral International Land plc
31 August 2011
For further information, please contact:
Brian Bell, WHPR, Tel: +353 1 669 0030
Balmoral International Land plc
Interim results to 30 June 2011
Developments since December 2010
-- During the first six months of 2011, Balmoral agreed and/or
completed a number of new leases and lease extensions on several of
its properties in various locations including Livingston in
Scotland, Milton Keynes in England, Brussels in Belgium and
Amsterdam in The Netherlands.
-- Also in the first half, Balmoral negotiated the conditional
sale of a development site at New Liston, near Edinburgh, subject
to planning permission.
-- Good progress was made during the period on a number of the
Group's medium term development prospects, particularly in
Scotland.
-- In July, the Group announced the successful negotiation of a
two year extension of its borrowing facility of EUR45.9m on its
Dutch property portfolio.
-- At an Extraordinary General Meeting on 25 August 2011,
shareholders approved the creation of a new Group holding company,
Balmoral International Land Holdings plc, and the cancellation of
the company's listing on the ESM and AIM with effect from 2
September 2011.
Investment property
Total investment property assets at 30 June 2011 amounted to
EUR199.6 million compared to EUR208.8 million at 31 December 2010.
The movements in values were as follows:
Continental
Ireland UK Europe Total
EUR'm EUR'm EUR'm EUR'm
Value at 1 January 2011 68.9 68.5 71.4 208.8
Additions - - 0.1 0.1
Fair value adjustments (8.3) 2.2 - (6.1)
Exchange rate impact on
sterling-denominated properties - (3.2) - (3.2)
-------- ------ ------------ ------
Value at 30 June 2011 60.6 67.5 71.5 199.6
======== ====== ============ ======
Equity accounted investees
Total equity accounted investees at 30 June 2011 amounted to
EUR5.3 million compared to EUR4.9 million at 31 December 2010. The
movements in values were as follows:
Continental
Ireland UK Europe Total
EUR'm EUR'm EUR'm EUR'm
Value at 1 January 2011 2.0 0.4 2.5 4.9
Investments during period 0.3 0.4 0.2 0.9
Fair value adjustments (0.3) - (0.2) (0.5)
Value at 30 June 2011 2.0 0.8 2.5 5.3
======== ====== ============ ======
Impact of foreign exchange on movement in net assets
EUR'm
Loss on translation of sterling-denominated investment
properties (3.2)
Gain on translation of sterling-denominated bank
loans 4.8
Movement in other sterling-denominated assets/liabilities
and trading result (net) (0.1)
------
Net impact of foreign exchange on net assets 1.5
======
These movements arise from the change in the euro : sterling
exchange rate from 0.86075 at 31 December 2010 to 0.90255 at 30
June 2011.
Finance
The company remains in discussions with its principal bankers on
extensions of certain of its loan facilities and anticipates
reaching satisfactory conclusions on these. Based on this
assumption and taking into consideration its current cash position
and projected cash flows, the Group continues to anticipate that it
will have sufficient funds to meet its ongoing commitments.
Financial Performance
Net rental income
Gross rental income was EUR7.6m (2010: EUR8.4m) and property
outgoings were EUR1.8m (2010: EUR1.6m), resulting in a net rental
income for the period of EUR5.8m (2010: EUR6.8m). The decline in
net rental income reflects rent reductions on certain tenancies
that were renewed or subject to review during the last twelve
months.
Net property valuation
The decline in net property valuation of EUR9.3m (2010: EUR0.1m)
comprised reductions in valuations of EUR6.1m (2010: EUR6.4m) and
an exchange loss of (EUR3.2m) (2010: gain of EUR6.3m) on
sterling-denominated assets.
Administration expenses
Administration expenses for the period were EUR1.9m (2010:
EUR2.0m). The group continues to pursue savings in this area.
Share of result of equity accounted investees
The group's share of the results of its equity accounted
investees in the period was (EUR0.4m)
(2010: (EUR0.7m)).
Net finance income/(expense)
Net finance income for the period was EUR2.3m (2010: net expense
EUR12.0m) comprising a gain on sterling denominated borrowings and
other assets and liabilities of EUR4.6m (2010: loss of EUR8.8m),
interest earned on cash balances during the period of EUR0.1m
(2010: EUR0.2m) and interest on borrowings in the period of EUR2.4m
(2010: (EUR3.4m).
Income tax
The tax movement for the half year was nil (2010: EUR1.4m).
Earnings per share
Basic and diluted loss per share for the period was EUR0.60 cent
(2010: EUR1.11 cent).
Shareholders' funds and net asset value per share
Shareholders' funds at 30 June 2011 amounted to EUR26.4m (31
December 2010: EUR30.0m) resulting in basic and diluted net asset
values per share of EUR4.53 cent (31 December 2010: EUR5.14
cent).
Net bank borrowings
Bank borrowings, net of cash and cash equivalents, amounted to
EUR174.6m at 30 June 2011, compared to EUR180.5m at 31 December
2010. This figure comprised borrowings of EUR185.7m (31 December
2010: EUR191.2m) less cash of EUR11.1m (31 December 2010:
EUR10.7m). Borrowings decreased during the period principally due
to the movement in the euro : sterling exchange rate.
Conclusion
Balmoral continues to benefit from an extensive, well
diversified portfolio of assets and the board remains focused on
filling vacancies, maximising income, reducing costs, generating
cash and adding value wherever feasible with a view to placing the
group in the best position possible when market conditions
improve.
31 August 2011
For further information, please contact:
Brian Bell, Wilson Hartnell PR - Tel: +353 1 669 0030
Consolidated interim income statement
for the period ended 30 June 2011
6 months 6 months 12 months
to to to
30 June 2011 30 June 2010 31 Dec 2010
(Unaudited) (Unaudited) (Audited)
Continuing operations Notes EUR'000 EUR'000 EUR'000
Gross rental and
related income 7,628 8,411 16,499
Property outgoings (1,810) (1,590) (1,835)
-------------- -------------- -------------
Net rental and related
income 5,818 6,821 14,664
Net property valuation
movement 5 (9,258) (105) (27,373)
-------------- -------------- -------------
Net property and
related
(expense)/income (3,440) 6,716 (12,709)
Administrative
expenses (1,855) (1,987) (3,832)
-------------- -------------- -------------
Result from operating
activities (5,295) 4,729 (16,541)
Share of result of
equity accounted
investees (416) (663) (3,084)
Finance income 3 4,929 155 697
Finance expense 3 (2,585) (12,114) (10,463)
-------------- -------------- -------------
Net finance
income/(expense) 2,344 (11,959) (9,766)
Result before tax (3,367) (7,893) (29,391)
Income tax
credit/(expense) 4 - 1,401 (889)
-------------- -------------- -------------
Result for the period (3,367) (6,492) (30,280)
============== ============== =============
Attributable to:
Equity shareholders of
the company (3,506) (6,501) (30,176)
Non-controlling
interest 139 9 (104)
-------------- -------------- -------------
Result for the period (3,367) (6,492) (30,280)
============== ============== =============
Basic and diluted
result per share
(euro cent) 8 (0.60) (1.11) (5.17)
============== ============== =============
Consolidated interim statement of comprehensive income
for the period ended 30 June 2011
6 months 6 months 12 months
to to to
30 June 2011 30 June 2010 31 Dec 2010
(Unaudited) (Unaudited) (Audited)
EUR'000 EUR'000 EUR'000
Result for the period (3,367) (6,492) (30,280)
Other comprehensive income
Foreign currency translation
on foreign operations (38) (30) (33)
-------------- -------------- -------------
Total comprehensive income
for the period (3,405) (6,522) (30,313)
============== ============== =============
Attributable to:
Shareholders of the company (3,544) (6,531) (30,209)
Non-controlling interest 139 9 (104)
-------------- -------------- -------------
Total comprehensive income
for the period (3,405) (6,522) (30,313)
============== ============== =============
Consolidated interim statement of changes in equity
for the period ended 30 June 2011
30 June 2011
(Unaudited)
Attributable to equity holders of the parent
Currency
Share Share Retained translation Non-controlling Total
capital premium earnings reserve Total interest equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance as at
1 January
2011 5,833 201,085 (169,546) (7,405) 29,967 43 30,010
Total
comprehensive
income for
the period - - (3,506) (38) (3,544) 139 (3,405)
-------- -------- ---------- ------------ -------- ---------------- --------
Balance at 30
June 2011 5,833 201,085 (173,052) (7,443) 26,423 182 26,605
======== ======== ========== ============ ======== ================ ========
30 June 2010
(Unaudited)
Attributable to equity holders of the parent
Currency
Share Share Retained translation Non-controlling Total
capital premium earnings reserve Total interest equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance as at
1 January
2010 5,833 201,085 (139,370) (7,372) 60,176 147 60,323
Total
comprehensive
income for
the period - - (6,501) (30) (6,531) 9 (6,522)
-------- -------- ---------- ------------ -------- ---------------- --------
Balance at 30
June 2010 5,833 201,085 (145,871) (7,402) 53,645 156 53,801
======== ======== ========== ============ ======== ================ ========
31 December 2010
(Audited)
Attributable to equity holders of the parent
Currency
Share Share Retained translation Non-controlling Total
capital premium earnings reserve Total interest equity
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Balance at 1
January 2010 5,833 201,085 (139,370) (7,372) 60,176 147 60,323
Total
comprehensive
income for
the year - - (30,176) (33) (30,209) (104) (30,313)
-------- -------- ---------- ------------ --------- ---------------- ---------
Balance at 31
December
2010 5,833 201,085 (169,546) (7,405) 29,967 43 30,010
======== ======== ========== ============ ========= ================ =========
Consolidated interim balance sheet
at 30 June 2011
30 June 2011 30 June 2010 31 Dec 2010
(Unaudited) (Unaudited) (Audited)
Notes EUR'000 EUR'000 EUR'000
Assets
Non-current assets
Property, plant and
equipment 21 52 34
Investment property 5 199,616 236,172 208,759
Investments in equity
accounted investees 6 5,320 6,112 4,922
Deferred tax assets 5,794 4,492 5,843
------------- ------------- ------------
Total non-current assets 210,751 246,828 219,558
------------- ------------- ------------
Current assets
Trade and other
receivables 2,385 2,752 2,093
Cash and cash equivalents 11,145 11,045 10,676
------------- ------------- ------------
Total current assets 13,530 13,797 12,769
------------- ------------- ------------
Total assets 224,281 260,625 232,327
------------- ------------- ------------
Equity
Issued share capital 5,833 5,833 5,833
Share premium 201,085 201,085 201,085
Other reserves (180,495) (153,273) (176,951)
------------- ------------- ------------
Total equity attributable
to:
Equity shareholders of
the company 26,423 53,645 29,967
Non-controlling interest 182 156 43
------------- ------------- ------------
Total equity 26,605 53,801 30,010
------------- ------------- ------------
Liabilities
Non-current liabilities
Deferred tax liabilities 4,828 1,289 4,905
Loans and borrowings 7 47,248 14,207 4,029
------------- ------------- ------------
Total non-current
liabilities 52,076 15,496 8,934
------------- ------------- ------------
Current liabilities
Trade and other payables 7,014 7,771 6,110
Employee benefits 138 66 108
Loans and borrowings 7 138,448 183,491 187,165
------------- ------------- ------------
Total current liabilities 145,600 191,328 193,383
------------- ------------- ------------
Total liabilities 197,676 206,824 202,317
------------- ------------- ------------
Total liabilities and
equity 224,281 260,625 232,327
============= ============= ============
Net asset value per share
(euro cent): 9 4.53 9.20 5.14
------------- ------------- ------------
Consolidated interim statement of cash flows
for the period ended 30 June 2011
6 months 6 months 12 months
to to to
30 June 2011 30 June 2010 31 Dec 2010
(Unaudited) (Unaudited) (Audited)
EUR'000 EUR'000 EUR'000
Cash flow from operating
activities
Result before tax (3,367) (7,893) (29,391)
Adjustments for:
Net property valuation
movement 9,258 105 27,373
Depreciation 13 18 35
Finance income (93) (155) (433)
Finance expense 2,417 3,362 7,070
Share of result of equity
accounted investees 416 663 3,084
Exchange difference on
non-property assets (4,668) 8,752 3,129
-------------- -------------- -------------
Operating result before
changes in working capital 3,976 4,852 10,867
Increase/(decrease) in trade
and other payables 1,116 (219) (1,286)
(Increase)/decrease in trade
and other receivables (323) 322 981
-------------- -------------- -------------
Cash generated from operations 4,769 4,955 10,562
Interest paid (2,426) (3,362) (7,121)
Income tax (paid)/received (93) 446 203
-------------- -------------- -------------
Net cash inflow from operating
activities 2,250 2,039 3,644
-------------- -------------- -------------
Cash flows from investing
activities
Acquisition of investment
property - - (389)
Net cash outflow on
acquisition of subsidiary - - (40)
Proceeds from disposal of
investment property - 6,683 6,683
Improvements to investment
property (115) (268) -
Interest received 93 155 433
Net cash outflow from
additional investment in
equity accounted investees (852) (935) (2,169)
Net cash (outflow)/inflow from
investing activities (874) 5,635 4,518
-------------- -------------- -------------
Cash flows from financing
activities
Repayment of borrowings (739) (905) (1,974)
Net cash outflow from
financing activities (739) (905) (1,974)
-------------- -------------- -------------
Net increase in cash and cash
equivalents 637 6,769 6,188
Cash and cash equivalents at
beginning of period 10,676 4,409 4,409
Foreign exchange (loss)/gain
on cash and cash equivalents (168) (133) 79
-------------- -------------- -------------
Cash and cash equivalents at
end of period/year 11,145 11,045 10,676
============== ============== =============
Notes to the condensed consolidated interim financial
statements
1. General information and basis of preparation
General information
The condensed consolidated interim financial statements of the
company for the six month period ended 30 June 2011 are unaudited.
The financial statements presented herein do not constitute the
statutory financial statements that are required by Section 7 of
the Companies (Amendment) Act, 1986 to be annexed to the annual
return of the company. The statutory financial statements for the
financial year ended 31 December 2010 will be annexed to the 2011
annual return and filed with the Registrar of Companies. The audit
report on those statutory financial statements was unqualified. It
did, however, contain an emphasis of matter made in relation to the
basis of preparation of the financial statements.
Basis of preparation
The financial information contained in the condensed
consolidated interim financial statements has been prepared in
accordance with the accounting policies set out in the last annual
financial statements.
The following are the new standards that are effective for the
financial period of the company ending on 30 June 2011 and that had
no impact on the results or financial position of the group:
-- IAS 24 (Amendment) - Related party disclosures.
-- IAS 32 (Amendment) - Financial instruments: Presentation -
classification of rights issues.
-- IFRIC 19 - Extinguishing financial liabilities with equity
instruments.
-- IFRIC 14 (Amendment) - Prepayments of a minimum funding
requirement.
The financial information is presented in euro, rounded to the
nearest thousand.
The condensed consolidated interim financial statements were
authorised for issue on 31 August 2011.
2. Segment reporting
Continental
Ireland UK Europe Consolidated
EUR'000 EUR'000 EUR'000 EUR'000
For the period ended 30
June 2011
Gross rental and related
income 2,249 2,140 3,239 7,628
Operating result (6,384) 755 2,189 (3,440)
Share of result of equity
accounted investees (289) 33 (160) (416)
Investment property 60,610 67,531 71,475 199,616
Investment in equity
accounted investees 2,048 819 2,453 5,320
For the period ended 30
June 2010
Gross rental and related
income 2,625 2,242 3,544 8,411
Operating result (1,825) 8,498 43 6,716
Share of result on equity
accounted investees (378) (2) (283) (663)
Investment property 88,110 74,592 73,470 236,172
Investment in equity
accounted investees 6,356 (244) - 6,112
For the year ended 31
December 2010
Gross rental and related
income 5,323 4,354 6,822 16,499
Operating result (18,742) 5,729 304 (12,709)
Share of result of equity
accounted investees (5,324) 298 1,942 (3,084)
Investment property 68,850 68,469 71,440 208,759
Investment in equity
accounted investees 2,048 421 2,453 4,922
Analysis of property assets
The group manages its business principally on the basis of
geographical segments. Supplementary information based on the
following categorisations has also been provided as this is also
used by the chief operating decision makers.
Continental
At 30 June 2011 Ireland UK Europe Total
EUR'000 EUR'000 EUR'000 EUR'000
Industrial 50,310 22,243 - 72,553
Office 3,000 14,598 52,285 69,883
Mixed use 6,000 18,519 19,190 43,709
Residential 1,300 12,171 - 13,471
-------- -------- ------------ --------
Total 60,610 67,531 71,475 199,616
======== ======== ============ ========
Continental
At 30 June 2010 Ireland UK Europe Total
EUR'000 EUR'000 EUR'000 EUR'000
Industrial 66,210 25,117 - 91,327
Office 6,900 14,904 52,890 74,694
Mixed use 12,250 21,132 20,580 53,962
Residential 2,750 13,439 - 16,189
-------- -------- ------------ --------
Total 88,110 74,592 73,470 236,172
======== ======== ============ ========
Continental
At 31 December 2010 Ireland UK Europe Total
EUR'000 EUR'000 EUR'000 EUR'000
Industrial 50,350 23,419 - 73,769
Office 6,400 12,683 52,250 71,333
Mixed use 10,100 19,626 19,190 48,916
Residential 2,000 12,741 - 14,741
Total 68,850 68,469 71,440 208,759
======== ======== ============ ========
3. Finance income and finance expense
Period to Period to
30 June 30 June Year ended
2011 2010 31 Dec 2010
EUR'000 EUR'000 EUR'000
Finance income
Interest receivable on bank deposits 93 32 126
Interest receivable on loans to
equity accounted investees - 123 201
Foreign currency translation movement
on cash and cash equivalents - - 264
Foreign currency translation movement
on borrowings 4,760 - -
Foreign currency translation movements
on other assets/liabilities 76 - -
Other finance income - - 106
---------- ---------- -------------
Total 4,929 155 697
---------- ---------- -------------
Finance expense
Interest payable on borrowings (2,417) (3,362) (6,995)
Foreign currency translation movement
on borrowings - (8,619) (3,393)
Foreign currency translation movement
on cash and cash equivalents (168) (133) -
Other finance expense - - (75)
---------- ---------- -------------
Total (2,585) (12,114) (10,463)
---------- ---------- -------------
Net finance income/(expense) 2,344 (11,959) (9,766)
========== ========== =============
4. Income tax
Income tax expense for the interim period is the expected tax
payable on the taxable income for the period, calculated at the
estimated average annual effective income tax rate applied to the
pre-tax income of the interim period.
Year to
Period to Period to 31
30 June 30 June December
2011 2010 2010
EUR'000 EUR'000 EUR'000
Current tax - (278) (253)
Deferred tax - (1,123) 1,142
---------- ---------- ----------
Total tax - (1,401) 889
========== ========== ==========
5. Investment property
Period Year to
to Period to 31
30 June 30 June December
2011 2010 2010
EUR'000 EUR'000 EUR'000
Balance at the beginning of the
period 208,759 237,067 237,067
Additions in the period 115 5,893 5,748
Disposal of property in the period - (6,683) (6,683)
Fair value movement (6,083) (6,354) (29,868)
Foreign currency movement (3,175) 6,249 2,495
--------- ---------- ----------
Balance at end of period 199,616 236,172 208,759
========= ========== ==========
6. Investment in equity accounted investees
The following is a summary of the group's share of the assets
and liabilities of its equity accounted investees:
Year to
Period to Period to 31
30 June 30 June December
2011 2010 2010
Share of equity accounted investees EUR'000 EUR'000 EUR'000
Share of gross assets 65,432 68,762 66,619
Share of gross liabilities (63,846) (66,219) (65,568)
*Adjustment 3,734 3,569 3,871
Net investment 5,320 6,112 4,922
========== ========== ==========
*The adjustment is made to reflect the net investment or
obligation of the group in its equity accounted investees.
7. Loans and borrowings
Period Year to 31 December 2010
to Period to
30 June 30 June
2011 2010
EUR'000 EUR'000 EUR'000
Non-current
liabilities
Secured bank loans 46,782 13,812 3,563
Other payables 466 395 466
--------- ---------- ---------------------------------
47,248 14,207 4,029
========= ========== =================================
Current liabilities
Unsecured bank
loans 125,171 135,003 129,757
Secured bank loans 13,277 48,488 57,408
--------- ---------- ---------------------------------
138,448 183,491 187,165
========= ========== =================================
Principal movements in loans and borrowings are dealt with in
the cash flow statement.
Terms and debt repayment schedule
(a) Bank loans of EUR125,171,000 are guaranteed by certain
nominated subsidiaries and are subject to a loan to value covenant.
The period end balance sheet disclosed that the relevant ratio on
this facility was in excess of the stipulated 50% and, as a result,
all of the loans are shown as repayable within one year. The
company is engaged in discussions with the bank in question on an
extension of this arrangement.
These loans, denominated in both euro and pounds sterling, are
repayable in full five years from the date of drawdown. The loans
outstanding at 30 June 2011 are due to mature at various dates up
to 12 June 2013. Interest is payable at the relevant interbank
market rate plus a margin.
(b) A secured bank loan drawn down by a subsidiary of
EUR11,145,000 is secured by certain investment properties in
Belgium. The loan is denominated in euro, and is repayable in
quarterly capital repayments with the balance due in October 2011.
Interest is payable at the 3 months Euribor rate plus a margin.
Agreement has been reached in principle for the extension of this
facility to October 2014.
(c) Secured bank loans drawn down by Dutch subsidiaries of
EUR45,442,000 are secured by certain investment properties in the
Netherlands and by a guarantee from the company limited to EUR1.5
million.
These loans, denominated in euro, are repayable in quarterly
capital repayments. The remaining capital is due in January 2013.
Interest is payable at the relevant interbank rate plus a
margin.
(d) A secured bank loan drawn down by a subsidiary of
EUR3,472,000, denominated in sterling is secured by certain lands
in Scotland and by a guarantee from the company. The loan is
repayable in quarterly capital repayments over the next eleven
years. Interest is payable at the relevant interbank market rate
plus a margin.
8. Earnings per share
Basic result per share
The calculation of basic result per share for the period ended
30 June 2011 was based on the result attributable to ordinary
shareholders in the period and the weighted average number of
equity shares outstanding during the period.
Period to Period to Year to
30 June 30 June 31 December
2011 2010 2010
EUR'000 EUR'000 EUR'000
Result attributable to equity
shareholders (3,506) (6,501) (30,176)
2011 2010 2010
In thousands In thousands In thousands
of shares of shares of shares
Weighted average number of
ordinary shares outstanding
during the period 583,265 583,265 583,265
Basic result per share (euro
cent) (0.60) (1.11) (5.17)
============= ============= =============
Diluted result per share
The calculation of diluted result per share for the period ended
30 June 2011 was based on the result attributable to ordinary
shareholders and the weighted average number of ordinary shares
outstanding during the period ended 30 June 2011 as calculated for
basic result per share above, as there were no potentially dilutive
instruments in issue.
9. Net asset value per share
The calculation of net asset value per share for the period
ended 30 June 2011 was based upon the total equity attributable to
the shareholders of the company at 30 June 2011 and the number of
ordinary shares outstanding at 30 June 2011 as follows:
Period to Period to Year to
30 June 30 June 31 December
2011 2010 2010
EUR'000 EUR'000 EUR'000
Total equity attributable to
shareholders of the company 26,423 53,645 29,967
============= ============= =============
2011 2010 2010
In thousands In thousands In thousands
of shares of shares of shares
Total number of ordinary shares
outstanding at period end 583,265 583,265 583,265
Net asset value per share (euro
cent) 4.53 9.20 5.14
============= ============= =============
10. Contingencies and guarantees
(a) The company has provided guarantees of EUR5.4m in respect of
the capital and interest on the bank borrowings of the joint
venture companies involved in the construction and letting of
property at Navan, Ireland.
(b) The company has provided a guarantee of EUR1.5 million in
respect of the bank borrowings of Dutch subsidiary companies
relating to the financing of buildings in the Netherlands.
(c) South East Edinburgh Development Company ("SEEDCo.")
acquired 316 acres of agricultural land south east of Edinburgh
during 2007. In 2010, the group acquired the remaining 50% of this
company that it did not previously own. Additional consideration
may become payable to the vendor, calculated as 50% of the open
market value, net of all costs, of the land when planning consents
have been received.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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