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

The key consolidated income figures of the Almacantar Group for 2014 are as follows:

£ million 2014 2013 Change
Net property income 17.1 17.2 (0.1)
Profit after tax 83.1 90.9 (7.8)
Profit attributable to owners of the parent 83.1 83.3 (0.2)

Net property income of £17.1 million is in line with the prior year (£17.2 million). 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.

Profit after tax has decreased by £7.8 million to £83.1 million from £90.9 million in 2013. This includes investment property revaluation gains pursuant to IAS 40 of £86.1 million (£84.4 million in 2013). Increased financing costs for the Centre Point facility have 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 December 31, 2014 are as follows:

£ million 12/31/2014
Investment property  (a)  741.6 614.7 126.9
Net debt (146.5) (165.2) 18.7
(a) Excluding headlease asset.

The change in investment property reflects the year end revaluation gain and additional pre-development capital expenditure for Centre Point, Marble Arch Tower and 125 Shaftesbury Avenue.

Net debt at December 31, 2014 has decreased by £18.7 million to £146.5 million from December 31, 2013. The decrease primarily reflects the increased cash balances held by the group following the December capital call.




Commercial Register No.64236277 Note legali | Credits