TIDMTRV
RNS Number : 6035A
Treveria PLC
30 September 2015
Treveria plc
("Treveria", the "Group" or the "Company")
Interim Results for the six months ended 30 June 2015
Treveria plc (AIM: TRV), the German retail focused real estate
investment company, today announces its Interim Results for the six
months ended 30 June 2015, which will shortly be available on the
Company's website www.treveria.com.
For further information, please contact:
FIM Capital Limited
------------------------------------
+44 (0) 1624
Graham Smith 681250
------------------ ----------------
N+1 Singer
------------------------------------
James Maxwell +44 (0) 20 7496
Richard Salmond 3000
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Introduction
As announced on 3 September 2015, the Company reached an
important milestone, namely the disposal of its two wholly owned
subsidiaries through which the Group's portfolio was owned and
managed. The Company has therefore now realised all its
investments, and intends to distribute all its cash (net of final
expenses) to shareholders as soon as reasonably possible.
To that end we are today also issuing a circular to shareholders
with a notice of an Extraordinary General Meeting at which
shareholders are asked to approve changes to the Company's legal
form which are necessary for the share capital to be made
distributable. The changes will also enable the Company to pursue
alternatives to a voluntary liquidation which should provide a
small additional benefit to shareholders. Today's circular gives
further details about the proposed distribution.
We were also able to announce on that date that the legal
proceedings between Treveria and two of its former professional
advisers relating to German Real Estate Transfer Tax had been
concluded on mutually acceptable terms.
Financial results
The Consolidated Statement of Comprehensive Income includes the
results of the subsidiaries for the full six months. However, the
subsidiaries are treated as "an asset held for sale" in accordance
with IFRS5 at the balance sheet date, instead of consolidating
their assets and liabilities into a group balance sheet.
Accordingly, the subsidiaries are fair valued at an amount
equivalent to the net disposal proceeds received after the
reporting date as a result of the sale.
We report a loss for the period of EUR7,903,000 (compared with a
loss in the previous year of EUR8,300,000), which equates to a loss
of 1.31 Eurocents per share, (compared with a loss in the previous
year of 1.37 Eurocents per share). Consequently, total net assets
fell from EUR30,657,000 at 31 December 2014 to EUR22,754,000 at 30
June 2015. This equals a movement from 5.07 Eurocents per share to
3.76 Eurocents per share.
Outlook
Discussions have taken place with a number of parties interested
in retaining the admission of Ordinary Shares to trading on AIM and
utilising the Company for other business activities, with a view to
affording all Shareholders a means of maintaining a modest
investment in the on-going Group or to exit entirely, as they
should decide. The circular being issued today gives details of
changes needed to enable such a development. It also outlines how
the Company intends to distribute cash to shareholders equivalent
to its entire net assets. We therefore ask that shareholders give
it their attention and vote to approve the resolutions.
Graham Smith
Non-executive director
29 September 2015
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2015
Period ended Period ended Year ended
30 June 30 June 31 Dec
2015 2014 2014
Notes EUR'000 EUR'000 EUR'000
------------------------------------------------------------------- ------ ------------- ------------- -----------
Gross rental income 972 1,311 2,511
Direct costs 5 (1,084) (1,570) (3,025)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Net rental loss (112) (259) (514)
Bad debts (192) (1,088) (943)
Loss from disposal of investment properties 4 (164) - (577)
Deficit on revaluation of investment properties 11 (23) (320) (1,515)
Deficit on revaluation of investments at fair value through profit
and loss 10 (2,913) - (3,137)
Deficit from reclassification of investments as assets held for
sale 13 (2,896) - -
Other income - 471 1,249
Administrative expenses 5 (1,647) (1,208) (2,522)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Operating loss (7,947) (2,404) (7,959)
Finance revenue 6 38 61 1
Finance expense 6 (27) (7) (97)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Loss before tax (7,936) (2,350) (8,055)
Income tax credit/(expense) 7 33 (131) (238)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Loss for the period (7,903) (2,481) (8,293)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Loss attributable to:
Equity holders of the parent company - - -
------------------------------------------------------------------- ------ ------------- ------------- -----------
Loss for the period (7,903) (2,481) (8,293)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Other comprehensive income
Foreign exchange translation differences - (47) (7)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Other comprehensive loss for the period - (47) (7)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Total comprehensive loss for the period (7,903) (2,528) (8,300)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Total comprehensive loss attributable to:
Equity holders of the parent company (7,903) (2,528) (8,300)
Non-controlling interests - - -
------------------------------------------------------------------- ------ ------------- ------------- -----------
Total comprehensive loss for the period (7,903) (2,528) (8,300)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Loss per share
Basic loss for the period attributable to ordinary equity holders of the parent
company 8 (1.31)c (0.41)c (1.37)c
Diluted loss for the period attributable to ordinary equity holders of the parent
company 8 (1.31)c (0.41)c (1.37)c
Condensed consolidated statement of financial position
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as at 30 June 2015
30 June 30 June 31 Dec
2015 2014 2014
Notes EUR'000 EUR'000 EUR'000
--------------------------------------------------- ------ -------- -------- --------
Non-current assets
Investment at fair value through profit and loss 10 - 13,000 8,300
Investment property held for disposal 11 - 32,899 6,870
--------------------------------------------------- ------ -------- -------- --------
Total non-current assets - 45,899 15,170
--------------------------------------------------- ------ -------- -------- --------
Current assets
Assets held for sale and associated liabilities 13 22,689 - -
Trade and other receivables 26 1,044 11,751
Prepayments 14 765 649
Cash and short-term deposits 12 210 14,886 5,881
--------------------------------------------------- ------ -------- -------- --------
Total current assets 22,939 16,695 18,281
--------------------------------------------------- ------ -------- -------- --------
Total assets 22,939 62,594 33,451
--------------------------------------------------- ------ -------- -------- --------
Current liabilities
Trade and other payables 185 2,051 1,519
Provision for RETT - 1,000 1,000
Finance lease obligations - 1,557 -
Current tax liabilities - 68 50
--------------------------------------------------- ------ -------- -------- --------
Total current liabilities 185 4,676 2,569
--------------------------------------------------- ------ -------- -------- --------
Non-current liabilities
Finance lease obligations - 12,152 -
Deferred tax liabilities - 262 225
--------------------------------------------------- ------ -------- -------- --------
Total non-current liabilities - 12,414 225
--------------------------------------------------- ------ -------- -------- --------
Total liabilities 185 17,090 2,794
--------------------------------------------------- ------ -------- -------- --------
Net assets 22,754 45,504 30,657
--------------------------------------------------- ------ -------- -------- --------
Equity
Issued capital 6,050 6,050 6,050
Capital redemption reserve 1,109 1,109 1,109
Retained earnings and other distributable reserve 15,595 38,345 23,498
--------------------------------------------------- ------ -------- -------- --------
Total equity 22,754 45,504 30,657
--------------------------------------------------- ------ -------- -------- --------
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2015
Issued Capital Retained Total
capital redemption earnings equity
reserve and other
distributable
reserve
EUR'000 EUR'000 EUR'000 EUR'000
As at 1 January 2014 6,050 1,109 40,873 48,032
------------------------------------------------------ -------- ----------- -------------- --------
Period 1 January 2014 to 30 June 2014
Total comprehensive income
Loss for the period - - (2,481) (2,481)
Other comprehensive income - - (47) (47)
------------------------------------------------------ -------- ----------- -------------- --------
Total comprehensive income - - (2,528) (2,528)
Balance as at 30 June 2014 6,050 1,109 38,345 45,504
------------------------------------------------------ -------- ----------- -------------- --------
Period 1 July 2014 to 31 December 2014
Total comprehensive income
Loss from 1 July 2014 to 31 December 2014 - - (5,812) (5,812)
Other comprehensive income - - 40 40
------------------------------------------------------ -------- ----------- -------------- --------
Total comprehensive income - - (5,772) (5,772)
Contributions by and distributions to equity holders
Distributions - - (9,075) (9,075)
Balance as at 31 December 2014 6,050 1,109 23,498 30,657
------------------------------------------------------ -------- ----------- -------------- --------
Period 1 January 2015 to 30 June 2015
Total comprehensive income
Loss for the period - - (7,903) (7,903)
Total comprehensive income - - (7,903) (7,903)
Balance as at 30 June 2015 6,050 1,109 15,595 22,754
------------------------------------------------------ -------- ----------- -------------- --------
Condensed consolidated statement of cash flows
for the six months ended 30 June 2015
Period ended Period ended Year ended
30 June 30 June 31 Dec
2015 2014 2014
Notes EUR'000 EUR'000 EUR'000
------------------------------------------------------------------- ------ ------------- ------------- -----------
Operating activities
Loss before tax (7,936) (2,350) (8,055)
Loss from disposal of investment properties 4 164 - 577
Deficit on revaluation of investment properties 11 23 320 1,515
Deficit on revaluation of investments at fair value through profit
and loss 2,913 - 3,137
Loss from reclassification of investments as assets held for sale 2,896 - -
Finance revenue 6 (38) - (1)
Finance expense 6 27 7 97
Net cash flows from operations before changes in working capital (1,951) (2,023) (2,730)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Changes in working capital
(Increase)/decrease in trade and other receivables 353 1,734 635
(Decrease)/increase in trade and other payables 526 (785) (1,279)
Income tax paid (84) (1,624) (1,786)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Net cash flows from operating activities (1,156) (2,698) (5,160)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Investing activities
Proceeds from disposal of investments at fair value through profit
and loss 1,295 2,500 2,955
Proceeds from disposal of investment properties 11,047 1,800 3,966
Finance revenue received - - 1
Effects on cash held in subsidiaries held for sale 13 (16,830) - -
------------------------------------------------------------------- ------ ------------- ------------- -----------
Net cash flows from investing activities (4,488) 4,300 6,922
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------------------------------------------------------------------- ------ ------------- ------------- -----------
Financing activities
Distribution - - (9,075)
Repayment of loans - - -
Finance expense paid (27) (7) (97)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Net cash flows from financing activities (27) (7) (9,172)
------------------------------------------------------------------- ------ ------------- ------------- -----------
Net increase/(decrease) in cash and cash equivalents (5,671) 1,595 (7,410)
Cash and short-term deposits as at 1 January 5,881 13,291 13,291
Cash and short-term deposits at period end 210 14,886 5,881
------------------------------------------------------------------- ------ ------------- ------------- -----------
Notes to the consolidated financial statements
for the six months ended 30 June 2015
1. General information
Treveria plc (the Company) is a company incorporated and
domiciled in the Isle of Man whose shares are publicly traded on
AIM.
The consolidated financial statements of Treveria plc comprise
the Company and its subsidiaries (together referred to as the
Group). The Company acts as the investment holding company of the
Group.
2. Significant accounting policies and basis of preparation
These condensed consolidated interim financial statements are
unaudited, have not been reviewed by the auditors, and do not
constitute statutory accounts. The statutory accounts for 2014,
which received an unqualified report from the auditors, are
available on the Company's website, www.treveria.com.
The accounting policies adopted by the Group in these condensed
consolidated interim financial statements are consistent with those
followed in the preparation of the Group's annual consolidated
financial statements as at, and for the year ended, 31 December
2014. The consolidated financial statements have been prepared on
the historical cost basis except that assets held for sale are
measured at realisable value in accordance with IFRS5. On 3
September 2015 the Company announced it had sold its two wholly
owned subsidiaries - Treveria Asset Management Limited and Treveria
Holdings Limited to Haflinger Invest Limited and Phylira NV, and
accordingly these subsidiaries are treated as assets held for sale
at 30 June 2015.
After the distribution of cash generated by this sale the
Company is expected to be wound up. This constitutes an adjusting
post-balance sheet event and as such the financial statements have
been presented on a non-going concern basis. The assets of the
Group have been stated at realisable value.
Amendments resulting from improvements to IFRSs and their
interpretations did not have any impact on the accounting policies,
financial position or performance of the Group. The Group has not
early adopted any other standard, interpretation or amendment which
was issued and is not yet effective.
3. Segmental reporting
The Directors are of the opinion that the Group is engaged in a
single segment of business, being property investment business, in
one geographical area, namely Germany. This is consistent with the
internal reporting provided to the Board who act chief operating
decision-makers and are responsible for allocating resources and
assessing performance. Accordingly the Directors consider it no
longer appropriate or necessary to report on the results of each
Silo.
4. Loss from disposal of investment properties
Period ended Period ended Year ended
30 June 30 June 31 December
2015 2014 2014
EUR'000 EUR'000 EUR'000
----------------------------------- ------------- ------------- ------------
Gross disposal proceeds 1,800 1,800 13,350
Book value of properties disposed (1,827) (1,800) (13,340)
Other disposal costs (137) - (587)
----------------------------------- ------------- ------------- ------------
(164) - (577)
----------------------------------- ------------- ------------- ------------
5. Operating loss
The following items have been charged/(credited) in arriving at
operating profit/(loss):
Direct costs
Period ended Period ended Year ended
30 June 30 June 31 Dec
2015 2014 2014
EUR'000 EUR'000 EUR'000
------------------------------- ------------- ------------- -----------
Service charge expense 497 607 1,075
Service charge income (212) (60) (191)
------------------------------- ------------- ------------- -----------
Irrecoverable service charges 285 547 884
Property management fee - 58 -
Asset Management fee 73 - 102
Ground rent / lease charges 613 1,020 1,809
Other property costs 113 (55) 230
------------------------------- ------------- ------------- -----------
1,084 1,570 3,025
------------------------------- ------------- ------------- -----------
Administrative expenses
Period ended Period ended Year ended
30 June 30 June 31 Dec
2015 2014 2014
EUR'000 EUR'000 EUR'000
------------------------------------------------------------ ------------- ------------- -----------
Audit fees 11 42 41
Directors' fees 18 18 35
Directors' expenses 23 18 36
Legal and professional fees and other administrative costs 1,595 1,130 2,410
------------------------------------------------------------ ------------- ------------- -----------
1,647 1,208 2,522
------------------------------------------------------------ ------------- ------------- -----------
6. Finance revenue and expense
Period ended Period ended Year ended
30 June 30 June 31 December
2015 2014 2014
EUR'000 EUR'000 EUR'000
--------------------------------------------- -------------- -------------- ------------
Net foreign exchange gain 38 61 -
--------------------------------------------- -------------- -------------- ------------
Finance revenue 38 61 1
--------------------------------------------- -------------- -------------- ------------
Amortisation of capitalised finance charges - (1) (6)
Net foreign exchange loss - - -
Interest on back taxes and other (27) (6) (91)
--------------------------------------------- -------------- -------------- ------------
Finance expense (27) (7) (97)
--------------------------------------------- -------------- -------------- ------------
Net finance (expense)/ income 11 54 (96)
--------------------------------------------- -------------- -------------- ------------
7. Taxation
Period ended Period ended Year ended
30 June 30 June 31 December
2015 2014 2014
EUR'000 EUR'000 EUR'000
-------------------------------------------------------------------------- ------------- ------------- ------------
Income tax
Current income tax charge 75 169 312
Deferred tax (108) (38) (74)
Income tax (credit) /expense reported in the Statement of Comprehensive
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Income (33) 131 238
-------------------------------------------------------------------------- ------------- ------------- ------------
Tax reconciliation
Opening balance - 1,523 1,523
Tax charge/(credit) 75 169 312
Tax paid (35) (1,624) (1,785)
Derecognition of subsidiaries - - -
-------------------------------------------------------------------------- ------------- ------------- ------------
Closing current tax liabilities 40 68 50
-------------------------------------------------------------------------- ------------- ------------- ------------
8. Loss per share
The calculation of the basic, diluted and adjusted loss per
share is based on the following data:
Period ended Period ended Year ended
30 June 30 June 31 December
2015 2014 2014
EUR'000 EUR'000 EUR'000
------------------------------------------------------------------------ -------------- -------------- ------------
Earnings
Loss for the period attributable to the equity holders (7,903) (2,481) (8,293)
Number of shares
Weighted average number of ordinary shares for the purpose of basic
earnings per share 605,008,809 605,008,809 605,008,809
------------------------------------------------------------------------
Basic loss per share (1.31)c (0.41)c (1.37)c
Diluted loss per share (1.31)c (0.41)c (1.37)c
9. Net assets per share
30 June 30 June 31 December
2015 2014 2014
EUR'000 EUR'000 EUR'000
------------------------------------------------------------------------- ------------- ------------ ------------
Net assets
Net assets for the purpose of assets attributable to the equity holders 22,754 45,504 30,657
Number of shares
Number of ordinary shares for the purpose of net assets per share 605,008,809 605,008,809 605,008,809
Net assets per share 3.76c 7.52c 5.07c
10. Investment at fair value through profit and loss
30 June 30 June 31 Dec
2015 2014 2014
EUR'000 EUR'000 EUR'000
------------------------------------------------------- -------- -------- --------
Financial assets at fair value through profit or loss
Unlisted private equity investments (level 3) - 13,000 15,550
Total investments - 13,000 15,500
------------------------------------------------------- -------- -------- --------
The following table shows a reconciliation of the opening
balances to the closing balances for fair value measurements.
30 June 30 June 31 Dec
2015 2014 2014
----------------------------------------------------------------------------- -------- -------- --------
EUR'000 EUR'000 EUR'000
----------------------------------------------------------------------------- -------- -------- --------
Balance at 1 January 8,300 15,500 15,500
Disposal (187) (2,500) (4,063)
Deficit on revaluation of investments at fair value through profit and loss (2,913) - (3,137)
Reclassification of investments as assets held for sale (note 13) (5,200) - -
Balance at period end - 13,000 8,300
----------------------------------------------------------------------------- -------- -------- --------
IFRS 13, Fair Value Measurement requires disclosure, by class of
financial instrument, if the effect of changing one or more inputs
to reasonably possible alternative assumptions would result in a
significant change to the fair value measurement. The information
used in determination of the fair value of Level 3 investments is
chosen with reference to the specific underlying circumstances and
position of the investee company. On that basis, the Board believes
that the impact of changing one or more of the inputs to reasonably
possible alternative assumptions would not change the fair value
significantly.
Financial instruments not measured at fair value
The carrying value of short-term financial assets and financial
liabilities (cash, debtors and creditors) approximate their fair
value.
11. Investment property held for disposal
30 June 30 June 31 Dec
2015 2014 2014
EUR'000 EUR'000 EUR'000
----------------------------------------------------------------------- -------- -------- ---------
Balance at 1 January 6,870 21,330 21,330
Additions and subsequent expenditure - - 415
Disposal (1,827) (1,800) (13,340)
Deficit on revaluation of investment properties (23) (320) (1,515)
Adjustment in respect of minimum payments under head leases - 13,709 -
Reclassification of investments as assets held for sale (see note 13) (5,020) - -
Other adjustments - (20) (20)
----------------------------------------------------------------------- -------- -------- ---------
Balance at period end - 32,899 6,870
----------------------------------------------------------------------- -------- -------- ---------
12. Cash and short-term deposits
30 June 30 June 31 December
2015 2014 2014
EUR 000 EUR 000 EUR 000
------------------------------- ------- ------- -----------
Cash at banks and in hand (see
note 13) 210 14,886 5,881
------------------------------- ------- ------- -----------
13. Assets held for sale and associated liabilities
30 June
2015
EUR'000
---------------------------------- --------
Assets
Investment at fair value through
profit and loss 5,200
Investment property held for
disposal 5,020
Trade and other receivables 806
Prepayments 709
Cash and short-term deposits 16,830
---------------------------------- --------
Total 28,565
---------------------------------- --------
Liabilities
Trade and other payables (1,822)
Provision for RETT (1,000)
Current tax liabilities (40)
Deferred tax liabilities (118)
---------------------------------- --------
Total (2,980)
---------------------------------- --------
Net Assets 25,585
---------------------------------- --------
Loss from reclassification of
investments as assets held for
sale (2,896)
Net assets held for sale and
associated liabilities 22,689
---------------------------------- --------
14. Events after the date of the consolidated statement of
financial position
Eitan Milgram, former Chairman of the Company, resigned from the
Board on 26 August 2015.
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