Interim Management Statement
14 8월 2009 - 9:27PM
UK Regulatory
TIDMWNER
RNS Number : 4787X
Warner Estate Holdings PLC
14 August 2009
Warner Estate Holdings PLC ("Warner Estate" or "Group")
Interim Management Statement
14th August 2009
Business Review:
The Group continues to focus on those actions that generate recurring
profitability and cash.
Recurring profit for the three months to 30 June 2009 is in line with the
quarter to 31 March 2009. The key drivers to recurring profitability have been
maintaining like for like net rental income coupled with cost savings, of over
GBP3million on an annual basis. Challenging these drivers are the reductions in
core asset management fees arising from the Ashtenne Industrial Fund and the
Apia Regional Office Fund and reduced distributions from the Group's investment
in the Apia Regional Office Fund.
Property:
Cash collection remains strong with over 97.3% of rents collected within 28 days
of the June 2009 quarter day across both the wholly owned and the managed
portfolios. As referred to in the audited results for the year ended 31 March
2009, made on 31 July 2009 (the "Results Announcement"), the Group's net debt
has reduced to GBP238million, as at 30 July, from GBP285million, as at 31 March
2009, primarily due to property disposals but also due to positive operational
cash flows.
Finance:
As a consequence of the fall in value of the units held by the Group in the
Ashtenne Industrial Fund and the Apia Regional Office Fund, Warner Estate's net
asset value has fallen below half of its called up share capital. In accordance
with S142 Companies Act 1985 Warner Estate will convene an extraordinary general
meeting to follow the annual general meeting on 18 September 2009 to consider
whether any further steps need to be taken in addition to the current strategy
for the Group's recovery.
Discussions with each of the Group's lenders continue as detailed in the Results
Announcement. There have been no material developments since that announcement.
The Directors will provide updates regarding these discussions as and when
appropriate.
-ends-
Enquiries:
+--------------------------------------+--------------------------------------+
| Warner Estate Holdings PLC | City Profile |
+--------------------------------------+--------------------------------------+
| Philip Warner, Chairman | Jonathan Gillen |
+--------------------------------------+--------------------------------------+
| Mark Keogh, Finance Director | William Attwell |
+--------------------------------------+--------------------------------------+
| Robert Game, Property Director | Tel: 020-7448-3244 |
+--------------------------------------+--------------------------------------+
| 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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