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

The key consolidated income figures of the Almacantar Group for 2013 are as follows:

£ million 2013 2012 Change
Net property income 17.2 14.3 2.9
Profit after tax 90.9 33.7 57.2
Profit attributable to owners of the parent 83.3 31.1 52.2

Net property income increased by £2.9 million compared to the prior year reflecting the full year impact of the acquisition in CAA House in July 2012 and the acquisition of 125 Shaftesbury Avenue. Such higher income was partially offset by higher operating expenses which include non-recurring costs.

Profit after tax increased by £57.2 million to £90.9 million for the year 2013 from £33.7 million in 2012. This includes the effects of the investment property revaluation gains of £84.4 million pursuant to IAS 40, driven mainly by the progress in the town planning process for Centre Point and Marble Arch Tower.

The most significant transactions during the year relate to the acquisition of:

  • 125 Shaftesbury Avenue for £116.8 million;
  • non-controlling interests in Centre Point (25% interest) held by Frogmore for £36 million;
  • other investment property for £29.8 million.

Almacantar also incurred £12.9 million of additional pre-development costs for Centre Point and Marble Arch Tower: there is a move towards start on site for Centre Point and the planning application has been submitted for Marble Arch Tower/Edgware Road.

Work has also begun to explore the redevelopment options available for 125 Shaftesbury Avenue with small amounts of costs incurred during 2013; it is expected this expenditure will increase in 2014.

Almacantar largely funded these expenditures from a previous capital increase drawn down for £146.4 million and an additional £47.5 million loan facility.

At the beginning of November 2013, Almacantar reached an agreement with Starwood Property Trust Inc. and Starwood European Real Estate Finance Limited to refinance the existing loan relating to Centre Point for an equivalent amount of £220 million.

The key consolidated balance sheet figures of the Almacantar Group at December 31, 2013 are as follows:

£ million 12/31/2013 12/31/2012 Change
Investment property (excluding headlease asset) 614.7 369.6 245.1
Net debt (165.2) (117.6) (47.6)

The increase in investment property reflects the acquisition of 125 Shaftesbury Avenue, other investment property, as well as additional pre-development capital expenditure for Centre Point and Marble Arch Tower and the revaluation uplift.

Net debt increased by £47.6 million mainly following the acquisition of 125 Shaftesbury Avenue to £165.2 million at December 31, 2013 compared to £117.6 million at December 31, 2012.

At the beginning of July, share capital was increased following the issue of additional shares at a nominal amount of £109.9 million plus premium of £5.5 million. After this transaction Almacantar’s share capital is £385.7 million and £55 million is not yet called for payment.

Commercial Register No.64236277 Note legali | Credits