Almacantar

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

 

The key consolidated income figures of the Almacantar Group for the nine months ended September 30, 2014 are as follows:

  9 months to September 30  
£ million 2014 2013 Change
Net property income 13.1 12.2 0.9
Profit (loss) after tax (1.4) 34.7 (36.1)
Profit attributable to owners of the parent (1.4) 27.0 (28.4)

Loss after tax for the first nine months of 2014 is £1.4 million and has decreased by £36.1 million from the profit after tax for the first nine months of 2013 of £34.7 million. The prior year profit included a one-off revaluation gain for Centre Point of £28.7 million.

Net property income has increased by 7% to £13.1 million compared to £12.2 million for the nine months to September 30, 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 the result to date.

Almacantar has incurred additional pre-development capital expenditure for Centre Point and Marble Arch Tower. This level of expenditure 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 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 of the Almacantar Group at September 30, 2014 are as follows:

£ million 09/30/2014 12/31/2013 Change
Investment property  (a)  630,3 614,7 15,6
Net debt (154,6) (165,2) 10,6
(a) Excluding headlease asset.

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

Net debt has decreased by £10.6 million to £154.6 million at September 30, 2014 from the balance at December 31, 2013. The decrease primarily reflects the increased cash balances held by the group following the capital call. 

 

Commercial Register No.64236277 Legal notes | Credits