Almacantar
 (38.29% of share capital through EXOR S.A.)

 

The key consolidated income figures of the Almacantar Group for the first half ended June 30, 2014 are as follows:

£ million Half I 2014 Half I 2013
Net property income 9.3 8.6
Profit after tax 1.1 3.0
Profit attributable to owners of the parent 1.1 2.6

Net property income has increased by 8% to £9.3 million compared to £8.6 million for the corresponding period of 2013. As Centre Point moves towards a future start on site, rental income for this property has reduced as commercial tenants vacate the building; this has been offset by the acquisition of 125 Shaftesbury Avenue in September 2013.

Increased financing costs for the Centre Point facility have also impacted profit to date.

Almacantar has incurred additional pre-development capital expenditure for Centre Point and Marble Arch Tower and reflects the significant progress made with the planning and pre-development activities for Centre Point and the successful submission of the planning application for the Marble Arch Tower/Edgware Road scheme. Analysis has also begun to explore future redevelopment options available for 125 Shaftesbury Avenue with additional professional fee expenditure incurred during 2014.

The key consolidated balance sheet figures for the Almacantar Group at June 30, 2014 are as follows:

£ million  6/30/2014 12/31/2013
Investment property(a) 624.8 614.7
Net debt  (169.3) (165.2)
(a) Excluding headlease asset.

Investment property has increased reflecting the additional pre-development capital expenditure for Centre Point, Marble Arch Tower and 125 Shaftesbury Avenue.

Net debt has increased by £4.1 million to £169.3 million at June 30, 2014 from £165.2 million at December 31, 2013. 

 

 

Commercial Register No.64236277 Legal notes | Credits