Interim Management Statement
15 2월 2008 - 4:01PM
UK Regulatory
RNS Number:0574O
Warner Estate Holdings PLC
15 February 2008
Warner Estate Holdings PLC ("Warner Estate" or "Group")
Interim Management Statement
Warner Estate reports that, following the results for the half year to 30
September 2007, announced on 30 November 2007, the Group has continued to
generate satisfactory levels of realised profit. Whilst the Directors concur
with the market sentiment that property values have fallen since the 30
September 2007, the outward movement in yields does not reflect the Group's
experience of the occupational market. Rental income across the Group's
portfolio, both owned and managed, continues to increase with rental values
improving across all sectors.
The Group does not carry out a quarterly valuation and the next full revaluation
will be prepared as at the Group's year end of 31 March 2008. However,
valuations were carried out as at 31 December 2007 on the Ashtenne Industrial
Fund (AIF) and the Apia Regional Office Fund (Apia), where the Group is asset
manager, and on the Greater London Office (GLO) joint venture. In the quarter
to 31 December, property values fell by 4.30% in AIF, 6.04% in Apia and 3.8% in
GLO. The impact of these revaluations, which covered 22% of the Group's equity
portfolio, was to reduce the Group's 30 September 2007 adjusted NAV per share of
766p by 25.5p, of which 22p related to the funds and the balance to the Group's
share of the GLO joint venture. A table analysing the valuations of AIF and
Apia is shown in the appendix below.
The Group will not receive a performance fee in respect of Apia's results to 31
December 2007 even if the fund out performs its benchmark, because a minimum
absolute return of 10% has to be achieved. However, the performance of the fund
has not triggered any claw back of prior years' performance fees. In the case
of AIF, the performance fees are not subject to any claw back provisions and are
based on the relative performance of the fund against its benchmark over a
three-year rolling period. The amount, if any, of performance fee due for this
year will be established once the IPD benchmark figures for this fund have been
published later in this quarter.
Progress continues with the Group's development programme with further lettings
in Folkestone and Bolton. Debenhams have been secured as the 80,000 sq ft
anchor store for the 360,000 sq ft multi-million pound Waterside Shopping scheme
in Aylesbury.
The Group's net debt had reduced to �359million at 31 December 2007 (30
September 2007: �366million). Falling interest rates reduce the Group's annual
costs by �0.7million for every 25 bps fall and, following the latest cut in Base
Rate, the Group's average cost of debt has fallen to 5.83% (September 2007:
6.48%). Since September, the Group has continued to take advantage of hedging
opportunities to utilise lower long term interest rates and to reduce exposure
to interest rate movements.
The Group and its joint ventures comply with all their banking covenants and
maintain sufficient headroom within their facilities to meet ongoing working
capital requirements. In January, the Group renewed a �30million facility with
an increase in margin of 17.5bps. In addition, the Agora joint venture with
Bank of Scotland has agreed a new �35million facility with its banking syndicate
to fund the 100,000 sq ft redevelopment of Market Place, Bolton.
The Group expects further outward movement in yields during the current quarter
and remains cautious due to continuing uncertainty in financial markets.
Nevertheless, revenue continues to improve and the Group is well financed to
maintain progress with property under management.
Appendix - Valuation of AIF and Apia Funds
The unit values of the Ashtenne Industrial Fund Unit Trust, and the Apia
Regional Office Fund Unit Trust as at 31 December 2007 were as follows:
Impact
3 months Valuation of Unit value Units owned Value of on
to properties at Unit value Underlying Change by holding Change in Warner
at in Warner Estate
31 December 31 December 31 December Valuation Estate 31 value in the
30 unit December NAV per
2007 2007 2007 September change value 31 December quarter
2007 (geared) 2007 2007 share
AIF �1,054,550,000 �1.7335 �1.8905 (4.30)% (8.31)% 23,404,752 40,571,623 (�3,676,091) (�0.07)
Apia �470,770,000 �1.2644 �1.4242 (6.04)% (11.22)% 52,283,671 66,105,173 (�8,357,231) (�0.15)
12 months Valuation of Unit value Unit value
properties
to at at Underlying Change
31 December valuation in unit
31 December 31 December 31 change value
2007 2007 December (geared)
2007 2006
AIF �1,054,550,000 �1.7335 �1.8883 (4.46)% (8.20)%
Apia �470,770,000 �1.2644 �1.4147 (4.50)% (10.63)%
Notes:
1. The underlying valuation change shows the increase/(decrease) in the value
of the portfolio as a percentage of opening value adjusted for additions and
disposals, over the year as both funds have a year end of 31 December.
2. The change in unit value reflects the movement in the capital value
(excluding the impact of debt mark to market adjustments) of the fund over the
year. Investors separately benefit from quarterly distributions of net income
and periodic capital distributions. The unit price at 31 December 2007 is the
indicative price issued by Morley Fund Management to investors in those funds.
- ends -
Date: 15 February 2008
Warner Estate Holdings PLC City Profile
Philip Warner, Chairman Simon Courtenay
Peter Collins, Finance Director Tel: 020-7448-3244
Michael Stevens, Property Director
Tel: 020-7907-5100
Web: www.warnerestate.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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