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


The key consolidated income figures of the Almacantar Group for the first quarter ended March 31, 2014 are as follows:

£ million QI 2014 QI2013 Change
Net property income 5.2 4.7 0.5
Profit after tax 0.4 1.8 (1.4)
Profit attributable to owners of the parent 0.4 1.6 (1.2)

Net property income has increased by 11% to £5.2 million compared to £4.7 million for the same period of the prior year. As Centre Point moves towards a future start on site, rental income for this property has decreased 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 for the three months ended March 31, 2014.

The most significant cash outflows during the period relate to additional pre-development capital expenditure for Centre Point and Marble Arch Tower. Significant progress was made with the move towards start on site for Centre Point and the submission of the planning application for the Marble Arch Tower/Edgware Road scheme. Analysis has begun to explore the redevelopment options available for 125 Shaftesbury Avenue.

The key consolidated balance sheet figures of the Almacantar Group at March 31, 2014 are as follows:

£ million 3.31.2014 12.31.2013 Change
Investment property  (a)  617.9 614.7 3.2
Net debt (170.0) (165.2) (4.8)
(a) Al netto delle attività in leasing.

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

The property portfolio has not been revalued since December 2013.

Net debt has increased by £4.8 million to £170.0 million at March 31, 2014 from £165.2 million at December 31, 2013. The increase reflects the reduction in cash balances held by the Group.

Commercial Register No.64236277 Note legali | Credits