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Virgin Credit Card:
Market Cap
£42.09m
Change Today
0.000p ()
Share Price
24.50p
1st Quarter Results
Nanette Real Estate Group NV
"Nanette" or "the Group"
Q1 Financial Results 2008
Nanette Real Estate Group, the Central & Eastern European focused residential real estate developer is pleased to announce its unaudited financial results, for the 3 months ended 31 March 2008.
Financial Highlights
-
Turnover €9.4 m (€3.6 m Q1 2007)
-
€9.4 m income from sales of apartments (€3.6 m)
-
PBT: €1.29m (€309k)
-
Profit for the period: €941 k (€161 k)
Operational Highlights
-
112 apartments sold in the period (167 Q1 2007)
-
169 apartments were recognized in the revenues (56)
-
2,339 apartments sold in total
-
Total land-bank not recognized to profit 20,277 apartments (17,630)
Shaul Lotan, Chairman, and Oscar Kazanelson CEO said:
"We are very pleased with our growth. Success across all our major valuation profiles: income, sales, revenue and profit shows that our central strategy remains strong and that there is significant demand for high quality residential property in the region.
The credit crunch is felt throughout the CEE and has affected markets and developers, but with its capable management team Nanette is able to continue its growth, obtain projects finance and develop its business. Our experienced management team is constantly seeking opportunities in these "turbulent waters" to maximize Company's results and investors' profits.
In addition to our past success, Nanette continues to further develop its business, growing land-bank that is adding to the value of the Group. Additional value derives from developing land plots with planning and obtaining required permits for the construction which will be reflected in the coming years' results.
We are constantly evaluating new projects and new territories within our region and remain committed to our program of managed expansion. We believe that these quarterly results provide a positive guide for our future success."
27 May 2008
Enquiries:
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Nanette Real Estate |
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Shaul Lotan Eyal Keltsh |
+972-3-7-100-200 +31-653245122 |
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College Hill |
020 7457 2020 |
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|
Paddy Blewer |
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Gareth David |
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KBC Peel Hunt, Nominated Adviser and Broker |
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Capel Irwin |
020 7418 8900 |
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|
Alina Savych |
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CONSOLIDATED BALANCE SHEET
Euro in thousands
|
|
|
March 31, |
|
December 31, |
||
|
|
|
2008 |
|
2007 |
|
2007 |
|
|
|
Unaudited |
|
Audited |
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
31,190 |
|
36,068 |
|
70,905 |
|
Deposits |
|
48,229 |
|
29,134 |
|
15,051 |
|
Trade and other receivables |
|
9,434 |
|
18,614 |
|
13,336 |
|
Inventory of land and housing units |
|
97,328 |
|
71,772 |
|
85,868 |
|
|
|
|
|
|
|
|
|
|
|
186,181 |
|
155,588 |
|
185,160 |
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
|
|
|
|
Land |
|
17,983 |
|
13,092 |
|
16,634 |
|
Investment properties |
|
18,354 |
|
13,329 |
|
18,402 |
|
Furniture and equipment |
|
143 |
|
116 |
|
162 |
|
Other financial assets |
|
40,253 |
|
16,422 |
|
35,298 |
|
Goodwill |
|
2,269 |
|
1,141 |
|
2,302 |
|
Deferred tax asset |
|
802 |
|
204 |
|
708 |
|
Investment in associate |
|
452 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
80,256 |
|
44,304 |
|
73,506 |
|
|
|
|
|
|
|
|
|
Total assets |
|
266,437 |
|
199,892 |
|
258,666 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Interest bearing loans and borrowings |
|
24,889 |
|
35,887 |
|
29,844 |
|
Trade and other payables |
|
19,894 |
|
14,745 |
|
22,598 |
|
Customer advances |
|
23,321 |
|
26,898 |
|
22,194 |
|
|
|
|
|
|
|
|
|
|
|
68,104 |
|
77,530 |
|
74,636 |
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
Interest bearing loans and borrowings |
|
104,733 |
|
38,356 |
|
91,546 |
|
Other liabilities |
|
1,483 |
|
1,420 |
|
715 |
|
Deferred tax liability |
|
2,453 |
|
2,853 |
|
2,874 |
|
|
|
|
|
|
|
|
|
|
|
108,669 |
|
42,629 |
|
95,135 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
176,773 |
|
120,159 |
|
169,771 |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
Equity attributable to equity holders of the parent: |
|
|
|
|
|
|
|
Share capital |
|
70,850 |
|
71,316 |
|
70,850 |
|
Other reserves |
|
272 |
|
(10) |
|
(58) |
|
Retained earnings |
|
18,262 |
|
6,450 |
|
17,535 |
|
|
|
|
|
|
|
|
|
|
|
89,384 |
|
77,756 |
|
88,327 |
|
Minority interests |
|
280 |
|
1,977 |
|
568 |
|
|
|
|
|
|
|
|
|
Total equity |
|
89,664 |
|
79,733 |
|
88,895 |
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
266,437 |
|
199,892 |
|
258,666 |
CONSOLIDATED STATEMENTS OF INCOME
Euro in thousands (except per share data)
|
|
|
Three months ended March 31, |
|
Year ended December 31, |
||
|
|
|
2008 |
|
2007 |
|
2007 |
|
|
|
Unaudited |
|
Audited |
||
|
|
|
|
|
|
|
|
|
Revenues |
|
9,369 |
|
3,597 |
|
33,174 |
|
Cost of revenues |
|
7,251 |
|
2,888 |
|
25,936 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
2,118 |
|
709 |
|
7,238 |
|
|
|
|
|
|
|
|
|
Fair value adjustment of investment property |
|
- |
|
792 |
|
5,122 |
|
|
|
|
|
|
|
|
|
|
|
2,118 |
|
1,501 |
|
12,360 |
|
|
|
|
|
|
|
|
|
Marketing, general and administrative expenses |
|
1,397 |
|
1,676 |
|
5,966 |
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
721 |
|
(175) |
|
6,394 |
|
|
|
|
|
|
|
|
|
Financial costs |
|
(3,865) |
|
(2,016) |
|
(16,034) |
|
Financial income |
|
4,041 |
|
2,482 |
|
23,654 |
|
Share of loss of associates |
|
(200) |
|
- |
|
- |
|
Other income |
|
588 |
|
18 |
|
8,621 |
|
|
|
|
|
|
|
|
|
Profit before taxes on income |
|
1,285 |
|
309 |
|
22,635 |
|
Taxes on income |
|
344 |
|
148 |
|
2,555 |
|
|
|
|
|
|
|
|
|
Profit for the period |
|
941 |
|
161 |
|
20,080 |
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
Equity holders of the parent |
|
727 |
|
103 |
|
19,270 |
|
Minority interest |
|
214 |
|
58 |
|
810 |
|
|
|
|
|
|
|
|
|
|
|
941 |
|
161 |
|
20,080 |
|
|
|
|
|
|
|
|
|
Earnings per share attributable to equity holders of the parent (in Euro): |
|
|
|
|
|
|
|
Basic and diluted |
|
*) - |
|
*) - |
|
0.12 |
*) Represents an amount lower than € 0.01.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Euro in thousands
|
|
|
Attributable to equity holders of the parent |
|
|
|
|
||||||
|
|
|
|
|
|
|
Retained |
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings |
|
|
|
|
|
|
|
|
|
Share |
|
Other |
|
(accumulated |
|
|
|
Minority |
|
Total |
|
|
|
capital |
|
reserves |
|
deficit) |
|
Total |
|
interests |
|
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2007 | ||||||||||||